Central Petroleum reports 8% upward adjustment in gas reserves

Sydney-listed Central Petroleum on July 27 announced a positive reserve adjustment for its proved and probable (2P) gas reserves, which have increased by 8% before production. Central's 1P and 2P reserves total 62.7 and 75 PJe, respectively.

This adjustment is based on recent drilling and production results at the Palm Valley and Dingo fields, as well as updated reservoir modeling at the Dingo field. The updated reserves for both fields as of June 30, 2023, have been certified by Netherland, Sewell & Associates, Inc.

The increase in 2P reserves is mainly attributed to factors such as successful production well, Palm Valley 12 (PV12) and updated modeling of the Dingo field, considering its strong ongoing production performance, led to a substantial increase in gas reserves, providing several additional years of gas production from the field.

Central said that there is potential for further gas resources in these fields. This includes contingent gas resources of 4.6 PJ at Palm Valley and 45.6 PJ at Mereenie, which also includes gas contained within the Mereenie Stairway Sandstones.