Central Petroleum (ASX: CTP) holds an extensive package of prospective acreage of over 270,000 km2 in central Australia, which is predominately in the Pedirka Basin, along with 25,000 km2 in the Southern Georgina Basin.
Apart from conventional gas potential, the company has had independent estimates of over 10,000 trillion cubic feet in UCG "syngas" prospective recoverable resources.
Central Petroleum (ASX: CTP) has been granted a change in status by the ASX to voluntary suspension pending the release of a proposed capital raising announcement.
Central Petroleum has not yet indicated where the potential capital injection will be allocated, but the company is in a very interesting position and earlier in the week announced some positive news for Surprise 1.
An engineering report by RPS Energy indicates that the Surprise-1 Re-entry H well, in the Amadeus Basin, could access stock tank oil initially in place (STOIIP) of between 0.5 and 2 million barrels in an area proximal to the well.
The voluntary suspension has been requested to last until the earlier of an announcement being made to the market, or the opening of trade on Monday 6 February.