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 simplified its farm-in agreements with Rawson Resources (ASX: RAW), combining all its current EP 97 deals into a single farm-in deal.
The two companies have also agreed to remove the Dune Block, where Central has yet to earn an interest, from the agreement though Central will retain the first right to match any firm offer Rawson receives.
Central holds 80% of the Simpson, Bejah and Pellinor blocks in the permit and had shot 165 kilometres of 2D seismic in 2011.
Rawson had previously noted that Central planned to shoot 140 kilometres of 2D seismic and drill a well on one of these blocks this year though it did not provide further details.
It is also looking for partners to drill the Dune and Dune West prospects targeting more than 20 million barrels of oil this year.