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) director Andrew Whittle has picked up an additional 400,000 shares on the market for A$39,600, or A$0.099 per share.
The acquisition by his superannuation fund comes days after the company appointed former Queensland Gas Company managing director Richard Cottee as its chief executive officer.
Cottee, considered one of the early pioneers of Australia's coal seam gas industry, joined QGC in 2002 and guided the company, which had listed in 2000 with shares valued at A$0.20, into a major producer of coal seam gas in Queensland.
QGC was subsequently acquired by British Gas in 2008 for A$5.75 a share in cash.
Central is also putting into place appraisals of its Surprise-1 oil discovery, which has gone a long way in affirming its long held belief in the petroleum prospectivity of the Amadeus Basin, Northern Territory.
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