Production with development upside through three producing blocks in the Northern Territory’s Amadeus basin.
In mid-2021, New Zealand Oil & Gas announced an agreement to purchase three Amadeus basin assets: Merengie, Dingo and Palm Valley. Palm Valley and Dingo are currently 100% owned by Central Petroleum. Mereenie is currently 50% owned by Central Petroleum Group and 50% owned by Macquarie.
Mereenie oil and gas field (OL4 & OL5)
Interests post-acquisition*
New Zealand Oil & Gas 17.5%,
Cue 7.5%,**
Central Petroleum 25% (Operator)
Macquarie 50%
Producing since 1984. The field has 71 wells in total, 36 currently producing and 2 re-injecting gas.
The field produced around16PJ of gas in calendar year 2019 and has a capacity of 54 TJ/d of gas with associated condensate sales.
The field offers appraisal of the Stairway Formation, which is estimated to hold in excess of 100PJ of gross contingent resource.***
Palm Valley gas field (OL3)
Interests post-acquisition*
New Zealand Oil & Gas 35%
Cue 15%,**
Central Petroleum 50% (Operator)
Gas field producing since 1983. Current capacity of up to 15TJ per day with remaining exploration and development prospectivity.
Dingo gas fields (L7)
Interests post-acquisition*
New Zealand Oil & Gas 35%
Cue 15%,**
Central Petroleum 50% (Operator)
Producing since 2015 at a current rate of around 3 TJ per day, with capacity of 5.5TJ/d, a pipeline to a nearby (Alice Springs) power station and further development and exploration potential.
*On 24 June 2021, New Zealand Oil & Gas shareholders voted to approve the transaction.
The acquisition remains subject to certain other conditions, expected to be satisfied in August. At completion, the effective economic date of the transaction is 1 July 2020.
** New Zealand Oil & Gas has a 50.04% interest in Cue Energy Resources. Cue’s full interest is stated.
*** See Resources and Reserves statements.New Zealand Oil & Gas also has an interest in exploration blocks offshore from Western Australia.
A deepwater exploration well was drilled in the Ironbark permit in the summer of 2020-21.
After the unsuccessful result of that well, remaining permits offshore WA are under review:
WA-409-P
20% Cue Energy*
80% BP Developments Australia Pty Ltd (Operator)
WA-389-P
100% Cue Energy* (Operator)
Mereenie
17.5 % | New Zealand Oil and Gas |
7.5 % | Cue Energy * |
25 % | Central Petroleum (Operator) |
50 % | Macquarie |
* Cue’s full interest is shown.
Project Status: Producing
Permit Overview
On 24 June 2021, New Zealand Oil & Gas shareholders voted to approve the transaction. The acquisition remains subject to certain other conditions, expected to be satisfied in August. At completion, the effective economic date of the transaction is 1 July 2020. See Resources and Reserves statements
Mereenie News
Amadeus Basin Exploration Well Programme Update
As previously announced, planning continues for the Q1 2022 Palm Valley and Dingo exploration well drilling program
Amadeus Basin Update
Mereenie: -
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that a coil tubing unit is being mobilised to site in January to further improve production from a number of wells including some of the previous development campaign wells.
Mereenie Production Wells WM27 & WM28 Completed And Rig Released
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that drilling and completion of the new production wells WM-27 and WM-28 has been completed and the Easternwell Rig 27 was released on 23 September 2021.
Mereenie Development Well Wm28 Successfully Completed
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that WM28, the second development well in the Mereenie Development Programme was completed on 6th September 2021. The rig will now move back to WM19 to carry out some remediation work, before moving to WM27 to complete the Pacoota 1 interval as a producer.
Mereenie Development Well Wm28 Commences
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that WM28, the second Development well in the Mereenie Development Programme, was spudded on 21 2021 at 03.30hrs. The update release is attached.
Mereenie Development Well WM27 Commences
The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) (“Central”) has advised that WM27, the first Development well in the Mereenie Development Programme, was spudded on 3rd of June 2021 at 2145 hrs. The update release is attached. Further updates will be provided as the programme progresses.