CTP central petroleum limited

Ann: Drilling Update - Encouraging Indicators at Dukas-1, page-59

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    According to 16 April 2019 announcement by CTP, this extract on spudding of Dukas-1 says it all:-

    Central is being free carried for all costs associated with the Dukas-1 well, including mobilisation, drilling, testing and completion as part of the farm-in obligation from Santos QNT Pty Ltd to EP112, Northern Territory. Ensign Australia Pty Ltd is drilling the well using Ensign 965 Drilling Rig. On the completion of the well as required by the Farmout Agreement, Central will retain a 30% interest in EP112 with Santos holding 70%.

    Presumably, testing means flow testing if warranted by the data.

    And also on 5 July 2019:-

    Forward plan will be to drill out the shoe track and perform a leak off test, then drill ahead to the target Heavitree Formation. Estimated timeframe to reach the Heavitree Formation without any drilling related issues is up to two weeks due to the potential thickening of the Lower Gillen Formation. The basement below the Heavitree Formation is a secondary target and is planned to be evaluated as well.

    So I take that to mean that they have to drill all the way down to the secondary target to satisfy their farm in obligation.

    ANZ
 
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