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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 provides update on Joint Venture

Monday, July 05, 2010

Junior exploration and production company Central Petroleum (ASX: CTP) has reported that a series of default notices have been sent to Red Sky Energy (NT) Pty Ltd (ROGNT) (ASX: ROG):

(i) by Central, in its capacity as Operator of the various Joint Ventures, for recovery of monies owed to the affected Joint Ventures for outstanding cash calls issued totalling approximately $1.9 million; and

(ii) by the respective Central subsidiaries for recovery of Farm-out Costs under various Farm Out Agreements totalling approximately $3.8 million (this sum includes the previously referred to $1.9 million).

John Heugh, managing director, said Central intends completing the current drilling of Ooraminna 2 and Johnstone West 1 well and, contingent upon additional seismic currently being processed and mapped, the drilling of Magee 2 within the HEN Magee Prospect Block Joint Venture, forming the southern portion of EP82 outside of the EP82 HEA and ROGNT Joint Venture.

Ooraminna 2 is located near Alice Springs at Latitude 24 degrees 01 minutes 05.83 seconds, Longitude 134 degrees 10 minutes 10.95 seconds.

Central holds a 70% interest and is Operator in EP 82, through wholly-owned subsidiary Helium Australia Pty Ltd, and is in JV with Petroleum Exploration Australia Pty Ltd (20%) and Red Sky Energy (NT) Pty Ltd (ASX: ROG) (10%).

Central Petroleum owns one of the largest packages of prospective oil and gas acreage in Australia.

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