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 trading halt by the ASX pending the release of an announcement regarding a capital raising, with the company placed in pre-open.
While the company did not specify where the funds would be allocated, Central Petroleum has been making progress towards oil testing of its Surprise-1 well in the Amadeus Basin.
The Surprise-1 horizontal well flowed light sweet crude at a maximum sustained rate of 380 barrels per day with low water cut, marking the first major onshore oil flow in the Northern Territory in nearly 50 years.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Wednesday 4 April.