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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 encounters gas in Horn Valley Siltstone

Monday, September 06, 2010

Central Petroleum (ASX: CTP) reported on Friday that overnight the Johnstone West-1 (EP115) wildcat oil well (JW-1) encountered the top of the Stairway Sandstone ( a secondary target) at approximately 1,245m and the top of the Horn Valley Siltstone (a coring target to evaluate shale gas and or shale oil) at 1,327m.

These preliminary wellsite picks are subject to further evaluation. At 1,325m on Friday morning, the drill string was being pulled out of the well to facilitate a coring run in the Horn Valley Siltstone.

Background gas has increased slightly from 0.5 units methane to 1.5 units methane since encountering the top of the Horn Valley Siltstone.

Central believes that the prognosed Horn Valley Siltstone and various shales and tight gas/oil sands in the Stairway Sandstone Formation in both the Johnstone and Surprise prospects are favourably located.

They have potential for maturation and thickening, and possibly represent unconventional objectives, in addition to the conventional oil/gas reservoir objectives.

There are no immediate plans to horizontally drill or fracc the Horn Valley Siltstone but any cores taken will be analysed for shale gas and or shale oil potential.

There was an absence of oil or significant gas shows in the Stairway Sandstone.

The primary target, the Pacoota Sandstone, is anticipated to be present below the Horn Valley Siltstone, the major source rock for the Mereenie and Palm Valley oil and gas fields further to the South-West.

Central is Operator and holds a 90% interest in EP 115, through wholly-owned subsidiary Frontier Oil and Gas and Trident Energy Limited conditionally holds a 10% interest in the permit. JW-1 is located at Latitude 23 deg 39 minutes and 21.86 seconds South, Longitude 129 degrees 56 minutes and 39.124 seconds East.

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