Source: www.gulfoilandgas.com 1/27/2026, Location: Not categorized
Central Petroleum Limited (锟紺entral锟�) advises it has completed the acquisition
from ADZ Energy (锟紸DZ锟�) of interests in the highly prospective conventional exploration
permits in the onshore Otway and Cooper Basins.
ADZ is the operator of these tenements.
Multi-well exploration program to start this year with Enterprise North
Central and ADZ are planning to drill at least three exploration wells across the tenements
over the next 18 months, starting with the amplitude-supported Enterprise North well in PEP
169 (Otway Basin, Victoria), planned for 2H 2026.
Enterprise North is one of several gas targets identified on seismic in PEP 169, all of which
are situated close to existing pipelines and three existing processing facilities (Iona, Otway
and Athena Gas Plants) which feed into the high value Victorian gas market. The exploration
well has been designed so that it will become a production well in a success scenario.
Consequently, gas sales could commence quickly with only nominal wellhead facilities
required. In the longer term, any depleted reservoir in the permit could be a high-quality
candidate for future gas storage given the anticipated reservoir permeability and proximity to
market.
The Enterprise North exploration well will target natural gas in the Waarre Formation of the
onshore Otway Basin at an estimated depth of approximately 2,000 m. The Waarre Formation
is a world class conventional reservoir, known for its high permeability, and Enterprise North
is located in the vicinity of discovered gas fields with permeabilities in excess of 1000 mD. The
Enterprise-1 well was flow tested at ~62MMscf/d (as reported by Operator, Beach Energy).
Most gas fields in the Shipwreck Trough of the Otway Basin, where the Enterprise North
prospect is located, are associated with seismic amplitude anomalies, similar to those
observed at Enterprise North.
Enterprise North is also located in a fault block just updip and along the spill path from the prolific Enterprise gas field (discovered in 2020), further improving estimated chance of success. The Enterprise North-1 well is planned to be drilled in the southern part of PEP 169, approximately 2.5 km north of the Enterprise gas field and only 8.5 km southwest of the Iona Gas Field.
PEP 169 锟� Otway Basin, Victoria
Central estimates there to be up to 79 Bcf of gas in place in the Waarre C formation at
Enterprise North (Central 20% share: ~16 Bcf). Additional prospectivity may exist in the
Waarre A and Eumerella formations but resource estimation for these secondary targets has
not yet been formally completed.
Modelling of a P50 success outcome indicates that possible gas production rates at Enterprise
North results in a near doubling of Central锟絪 current gas production rates. Given the high
permeability of the target formations, we anticipate producing over half of the gas over a
relatively short 3-year period given the formation锟絪 expected high permeability and flow rates.
If successful, the Enterprise North project or any of the several other significant gas targets
already identified in the permit, would be highly value accretive to Central, with strong ex-field
gas pricing expected and relatively low infrastructure CAPEX required. Gas supplied from
Enterprise North is likely to command strong ex-field gas prices and margin due to high gas
prices in the Victorian market and relatively low transportation costs given the permit锟絪
proximity to market.
Cooper Basin joint venture
In addition to PEP 169, Central has also acquired a 49% interest in multiple Cooper Basin
PRLs and PEL 677.
The Cooper Basin is a mature and well-established petroleum province with numerous historic
and recent discoveries. Whilst there has been ongoing exploration and discoveries in the
surrounding acreage, the PRLs were in suspension from 2016 until 2025 and have lain
dormant for 9 years. Over the course of CY24, prior to lifting the suspension in January 2025,
detailed reviews of all available data were conducted and prospectivity assessed. A number
of oil and gas targets were identified and exploration drilling of two to three of these targets is
expected to commence in 1H 2027. Drilling plans will be finalised following conclusion of an
ongoing seismic re-processing project, designed to further de-risk these attractive drilling
targets.
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Discoveries in the Cooper Basin can quickly be brought online via a network of existing gas
pipelines accessing the high value east coast gas market, and existing oil pipelines and
trucking corridors to established refineries and port facilities.
This ASX announcement was approved and authorised for release by Leon Devaney, Managing Director and CEO.
Additional information relating to petroleum resources
Enterprise North has an attractive technical chance of success which itself may be
considered conservative. A 2021 report from Resources Victoria estimated a success rate
of ~62% for amplitude-supported onshore targets in Victoria and other Operators have
reported success rates >90% in the offshore Otway basin.
No petroleum reserves or contingent resources have been attributed to Enterprise North
at this time.
The volumes of prospective resources included in this announcement represent the
unrisked recoverable volumes derived from Monte Carlo probabilistic volumetric analysis
for each prospect as at 23 January 2026.
Inputs required for these analyses have been derived from offset wells and fields relevant
to each play and field. Recovery factors used have been derived from analogous field
production data.
An exploration well is planned to be drilled at Enterprise North in 2H 2026.
Qualified petroleum reserves and resources evaluator statement
The information contained in this report regarding the prospective and contingent
resources is based on, and fairly represents, information and supporting documentation
prepared under the supervision of Mr Kevan Quammie who is a full-time employee of
Central Petroleum Limited holding the position of Exploration & Development Manager. Mr
Quammie holds an M.Sc. Petroleum and Natural Gas Engineering from the Pennsylvania
State University, is a member in good standing of the Society of Petroleum Engineers, is
qualified in accordance with ASX listing rule 5.41 and has consented to the inclusion of
this information in the form and context in which it appears.
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