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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 reports Ooraminna 2 well reaches depth of 1,666m

Tuesday, July 27, 2010

Perth-based Central Petroleum (ASX: CTP) has reported that the drilling of the Ooraminna 2 oil well has now reached a True Vertical Depth (TVD) of approximately 1,666m RT and electric logs are being run and evaluated.

The progress has been made despite delays to the planned drilling programme caused by blockages and malfunctions of downhole air hammer equipment.

Dependent on the results of the log evaluation as well as an acid squeeze procedure including the Pioneer Sandstone, the company said there are various options under consideration depending on the results of works in progress.

The company said the acid squeeze job (moderate pressure to force the acid further in to the formation which may stimulate further production by dissolving limestone and dolomite surrounding fractures and other porosity) may provoke an increase in gas flow.

Methods of improving potential production from the formation concerned will include study of all available data inclusive of micro-fracture and bedding orientation revealed by the logs and further planning options.

Ooraminna 2 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.

Road works and drilling pad preparation for the spudding of Johnstone West 1 and the supply of casing and relevant hardware has largely been completed and the company anticipates that the well will spud on or about the 14th August 2010.

Central is Operator 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%).

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

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