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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 encounters gas flow at top of main target in Ooraminna 2

Monday, July 12, 2010

Central Petroleum (ASX:CTP) has provided an update on drilling of the Ooraminna 2 well.

The company is operator of the well and has reported that the top of the main target reservoir, the Pioneer Formation was penetrated on Sunday, 11 July 2010 at 1,261m and "a gas flow was encountered in excess of 100 MCFGD."

However, after drilling only several metres of the top of the main target reservoir, the bit was pulled out and after changing from a basic rotary air drilling assembly to an air hammer assembly, the air hammer became blocked before any new formation could be drilled.

The drilling contractor is in the process of pulling the air hammer out of the hole to determine the cause of the blockage prior to drilling ahead to evaluate the main target reservoir.

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

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