Central Petroleum Limited has completed the Peak Helium farmout agreement, which will see two new subsalt exploration wells being funded by Peak Helium at a capped cost of A$20mm gross per well. High concentrations of helium and hydrogen have already been proven in the area and there is ample capacity for helium to be exported from the existing helium plant at Darwin. The Dukas-1 well was suspended in 2019 after encountering hydrocarbon-bearing gas and helium (2%) from an over-pressurised zone prior to reaching the primary sub-salt target. The Mt Kitty-1 well was drilled in 2014, with gas flow containing hydrocarbons, helium (9%) and hydrogen (11.5%). Central will be free-carried for the exploration works, which will begin towards the end of this year or early 2024. The Federal Government's Safeguard Mechanism suggests that the sub-salt prospects remain well-positioned for commercial development.
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