A subsidiary of Senex Energy Pty Ltd. agreed to acquire Central Petroleum Ltd.’s 50% interest in the Range gas project in Queensland’s Surat basin.
The project covers an area of 77 sq km and contains 270 petajoules (PJ) of 2C contingent gas resources (135 PJ net to Central) surrounded by major coal seam gas (CSG) developments and pipeline infrastructure.
A three-well appraisal pilot drilled in April 2021 encountered an average of 25 m of net coal (OGJ Online, June 14, 2021). Two additional step-out wells were drilled in early 2022 and confirmed thicker coals (average 29 m) about 2 km from the pilot.
The asset sold for $12.5 million (Aus.) by way of a sale of Central's wholly owned subsidiary Central Petroleum Eastern Pty Ltd. The deal is not subject to conditions and is expected to close by end-November 2023.
Central Petroleum Eastern Pty Ltd. was awarded ATP2031 in a 50-50 joint venture with Incitec Pivot Queensland Gas.
