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 appointed ex Queensland Gas Company luminary Richard Cottee as chief executive officer and a director elect.
In a boost for the company, given his track record at QGC, Cottee is likely to focus on farm-out agreements that will fast track development.
In addition he will look to unlock the value of Central's large landholding, reputed to be one of the largest exploration acreage packages in Australia.
Recently, Central's Surprise-1 well flowed oil to surface in the Northern Territory which was the first since the Mereenie oil field in the mid-1960s. It also might be the first Australian onshore horizontal well that has produced oil-to-surface.
The Surprise discovery had seen investors view Central's acreage in central Australia in a new light.
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