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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 updates drilling progress at Ooraminna 2 well

Wednesday, July 07, 2010

Junior exploration and production company Central Petroleum (ASX: CTP) has updated drilling progress at its Ooraminna 2 well in central Australia, reporting that the 7” casing has been cemented in place and the BOP stack changed out for a smaller unit in preparation to drill the 6” hole section.

In a statement John Heugh, managing director, said that this has taken longer than expected, as it is a new installation on the drilling rig.

The rig is currently picking up a new string of slim-hole tools, 4¾” Drill Collars & 3½” Drill Pipe to drill ahead with. The company intends to drill ahead with air to maximise potential gas flows.

Central expects to be drilling the top of the main target zone, the Pioneer Sandstone late Wednesday, 7 July 2010.

Ooraminna 2 (2 TCFG “high” estimate UGIIP) is the first well in a planned 3-4 well programme for 2010 including the 500 MMbbl oil (“high” estimate UOIIP) Johnstone West 1 prospect and the 800 BCFG (“high” estimate UGIIP) and 15 BCF helium (“high” estimate UGIIP) Magee 2 well.

Central is operator of the well and holds a 90% interest and in EP 82, through wholly-owned subsidiary Helium Australia Pty Ltd, and is in JV with Red Sky Energy (NT) Pty Ltd (10%).

The Ooraminna 2 well is located at Latitude 24 degrees 01 minutes 05.83 seconds, Longitude 134 degrees 10 minutes 10.95 seconds.

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

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