Central Petroleum (ASX:CTP) has completed the first development well, WM29, at its Mereenie field joint venture in the Northern Territory, according to a Thursday filing with the Australian bourse.
The well was air-drilled and completed across the Pacoota-3 sandstones and is currently suspended. It is set to be tied into the gathering system by late January, ahead of schedule due to gas shortages in the Northern Territory, the filing said.
The second development well, WM30, was spudded on Thursday, Jan. 16. Together, the wells are expected to restore production capacity above 30 terajoules per day (TJ/d) and produce at least 25 petajoules of gas over their lifetime, the filing added.
Gas from the new wells may be sold into the recently executed NTG Gas Sales Agreement, which can be expanded by up to 6 TJ/d, generating additional cash flow, the company said.
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