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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 reports on flow rates at Ooraminna-2

Wednesday, July 14, 2010

Central Petroleum (ASX:CTP) has updated the market overnight on drilling progress at the Ooraminna-2 well.

CTP, as operator is is finalising a flow line test over the Pioneer Sandstone. The test interval (at approximately 1,261-1,302 metres) is interpreted to be gas saturated and recorded a surface flowing pressure of 15 psi which approximates to a flow rate of 190 Mcfd.

This compares with 12 Mcfd tested from the same zone in Ooraminna-1 drilled in 1963.

Importantly, there was no gas water contact reported.

At this stage, Central believes a gas water contact has not been penetrated. CTP plans to continue drilling the well to a prognosed depth of 1,770 metres. The Operator has identified potential gas zones in the Aralka Formation, Areyonga Formation and upper Bitter Springs Formation for testing.

The gas column in the Pioneer Sandstone formation will be further evaluated when electric logs are run. The formation may have potential for fracing and/or acid treatment to improve flow rates.

From the release it would appear CTP believes that a fracing operation may increase the final flow rates, given the apparent low porosity and permeability.

Although not in CTP's release, there are other regional fields that were fraced and registered significantly higher flow rates as a result.

CTP holds a 90% interest and in EP 82.

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