Central Petroleum (ASX:CTP) has continued to encounter more oil shows at Johnstone West-1 (EP115) wildcat oil well, with "excellent oilshows" continuing to a depth of 1,483m RKB.
This makes a total of 14m of excellent oil shows with live oil encountered and a total column of relatively continuous oil shows of differing quality of approximately 96m from 1,387m to 1,483m RKB.
At 1,487m, the well encountered siltstones thought to be representative of the Horn Valley Siltstone, (HVS) a key source rock in the Amadeus Basin generally overlying the Pacoota Sandstone.
Interestingly, as readings in the tentatively identified HVS increased to a maximum peak of 500 units throughout the section, dominantly methane but with traces of ethane, propane, butane and pentane.
The top of the tentatively identified Pacoota Sandstone was encountered at 1,523m RKB and at 0600 CST, the well had reached a depth of 1,566m. Background gas had fallen to several units only and no further oil shows were recorded. The well is drilling ahead.
Final interpretation of these hydrocarbon shows and others which may be encountered is dependent on further assessments via electric logging, pressure and flow testing.
As thoughts turn to potential commerciality of the oil shows, John Heugh managing director of Central Petroleum said no conclusions can be reached as to the commercial potential of the Johnstone prospect until these further assessments are completed.
Further updates of any significant results will be made as soon as practicable.