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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 intersects coal on CBM107-002

Tuesday, May 18, 2010 by Proactive Investors

Central Petroleum (ASX: CTP) has intersected coal, including two seams of 16m and 20m thickness respectively on its CBM 107-002 stepout well.

The well was planned as an 38 km updip stepout from the previous well CBM 107-00.

Drilling on CBM 107-002 has reached a TD of 604m and has intersected a cumulative thickness of coal of 65m - this follows the intersection of over 130m of coal in the previous well, CBM 107-00.

“This is another confirmation for the Company that we operate an area with a very large JORC Exploration Target for coal” said John Heugh, managing director of Central today.

“Interest in the area seems to be heating up with Rio Tinto taking up mineral exploration lease applications in the area close to Central’s granted mineral exploration permits.”

Previous independent reports have estimated the total tonnage of coal above 1,000m as being over 600 billion tonnes in the JORC “Exploration Target” category within Central’s wholly owned subsidiary, Merlin Minerals Pty Ltd mineral leases and over 1,000 billion tonnes above 1,000m in the same category in Central’s petroleum leases in the same area.

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) Pty Ltd (10%). CBM 107-002 is located at Latitude 24 degrees 58 minutes 33.599 seconds, Longitude 135 degrees 29 minutes 13.2 seconds.

The company said desorption tests over coals encountered in CBM 107-002 well have not been completed as yet and all wells drilled in the 2009/10 coal seam gas/coal programme will be subject to a review by Netherland, Sewell & Associates Inc. as to the potential of the coals encountered to host coal seam gas.

This report may not be completed until 6-8 weeks after the last CBM well in the current programme, CBM93-002, is completed.

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