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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	CTP
Latest Price:	0.06 (-6.67% )
52-week High:	0.08
52-week Low:	0.04
Market Cap:	60.11M

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Central Petroleum Full Central Petroleum profile here

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 prepares busy exploration thrust in Central Australia

Friday, February 12, 2010

Central Petroleum Ltd (ASX:CTP) announced results of its ongoing explorations in the Amadeus and Pedirka Basins.

Citing the logistics of mobilizing and demobilizing drilling rigs in the region, Central Petroleum intends a back-to-back campaign involving other conventional wells in conjunction with its various joint venture participants as part of its 2009/10 exploration program.

This comprises an area of circa 1400km of seismic across the Amadeus and Pedirka Basins and five cored Coal Seam Gas (CSG) wells targeting coal and CSG in the Pedirka Basin.

Central Petroleum Ltd's interests in the region include EP 82 and EP115, both of which contain a 1 well commitment under the terms of the Northern Territory Department of Resources (DOR) permit tenure conditions. EP97 has a one well farmin obligation to allow Central Petroleum Ltd and its partner Petroleum Australia Ltd (ASX:PXA) to retain their interests.

Ooraminna 2 within EP82 and Johnstone 1 or a substitute well within EP 115 have been proposed by Central Petroleum as wells to fulfill the DOR tenure conditions.

Seismic reading in the North West Mereenie sector of EP 115 has now been completed. Recording is continuing in the Johnstone area, and the survey is expected to be completed in four months. Objectives in the survey include acquisition of additional control over prospective leads and semi mature prospects to enable maturation to drillable structures. Regional lines ahve also been programmed to reveal additional prospectivity.

Central's objective is also to acquire these data with a minimal footprint, thereby minimizing damage to native flora and fauna, according to John Heugh, managing director of Central Petroleum.

The company has called for expressions of interest from drilling contractors for the drilling of three to six conventional wells commencing as soon as possible, dependent on the availability of appropriate equipment and joint venture deliberations.

The wells under consideration include:

- Johnstone 1, EP 115: A very large oil prospect potential up to 300 MMbbls in a "high" estimate.
- Ooraminna 2, EP 82: a 300 sq. km surface anticline with potential to host up to 2 TCFG in UGIIP at "high" estimate.
- Magee 2 in EP 82 a deeper subsalt gas condensate and helium prospect.
- Madigan 1 Perdika Basin, including the Lucan Lead, various carbonates with high estimates including 400MMbbls and 160 MMbbls respectively.
- Guinevere Basin EP 93, within the Madigan Trough, scheduled for seismic recording at a later stage in the current campaign.

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