Australia's Central Petroleum updates reserves
Sydney-listed Central Petroleum has updated its reserves based on recent drilling and production results across Mereenie, Palm Valley and Dingo oil and gas fields in Northern Territory’s Amadeus basin, the company said on March 4.
There has been an upwards adjustment of 1.7 petajoules (PJ) in 2P reserves at Palm Valley to reflect the “continued outperformance” of the Palm Valley 13 well. Central has reported a higher adjustment of 2.3 PJ at Dingo while there is a slight reduction in reserves at Mereenie.
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Central said its 1P, 2P and 3P reserves as of December 31 total 62.2, 75.4 and 92.2 PJe respectively. These updated reserves and resources estimates have been reviewed and certified by the Netherland, Sewell & Associates, Inc., the company said.
The company last year sold a 50% stake in the Mereenie, Palm Valley and Dingo fields to New Zealand Oil & Gas and Cue Energy.