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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	CTP
Latest Price:	0.05 (-3.57% )
52-week High:	0.08
52-week Low:	0.04
Market Cap:	57.96M

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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 spuds CSG well CBM107-002, after rain delays

Monday, May 03, 2010

Perth-based oil and gas explorer, Central Petroleum (ASX: CTP) has commenced its anticipated 2010 exploration programme, with the the spudding at 1130 am on 30 April 2010 of the fourth coal seam gas, (CSG) well, CBM107-002 (EP107).

The Phase One 2009/10 exploration programme, commenced in November 2009, has been delayed by rain from 26 February 2010.

Central holds a 70% interest and is Operator in EP 107, through wholly-owned subsidiary Merlin Energy Pty Ltd, and is in JV with Petroleum Exploration Australia Pty Ltd (20%) and Red Sky Energy (NT) Ltd (10%).

John Heugh, Central’s managing director said it was, “Good to get back to the coalface.”

“As well as exploring for CSG, we are gathering a comprehensive suite of very interesting information to help us gauge the relevance of the massive independently reported JORC coal Exploration Target in the Pedirka Basin to a range of potential value adding options such as Liquids (CTL), Gas to Liquids (GTL) and Underground Coal Gasification (UCG).”

CBM 107-002 is located at Latitude 24 degrees 58 minutes 33.599seconds, Longitude 135 degrees 29 minutes 13.2 seconds.

CBM107-002 will target the coal sequence in an updip location about 31km to the northwest of CBM107-001 where the result was significantly (300%) higher than the prognosed coal section of 20-40m of coal in seams greater than 1m thickness.

The well, CBM 107-001) intersected 130m of coal (seams > 1m thick including individual seams up to 30m thick) and confirmed regional geological interpretations of an extensive coal deposit in this area.

Drill hole data was previously very sparse in this part of the Andado Shelf and hence this result adds confidence to previous coal exploration target estimates undertaken by an independent expert. The coals in CBM 107-001 were intersected over the interval 745m to 1163m.

“Central intends to keep abreast of the most recent developments in all emerging technology including coal beneficiation treatments and processing which may be relevant in our exploration areas to add more value to potential coal resources.”

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