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 has "significant oil" shows at Johnstone West-1 well
Central Petroleum (ASX: CTP) has reported that overnight, the Johnstone West-1 well encountered significant oil shows from the interpreted Ordovician Larapinta Group over a 22m gross interval of 1387m-1409m RKB.
In a statement the company said up to 40% oil fluorescence was recorded in samples from an interbedded siltstone/sandstone sequence sealed by a competent silty shale unit about 70 m thick overlying the oil shows.
The drilling rig is currently drilling ahead to assess reservoir quality and potential hydrocarbon saturation in deeper sequences. A final logging/casing/completion program will be dependent on these results.
Final interpretation of this hydrocarbon show and others which may be encountered is dependent on further assessments via logging/coring and testing but these initial indications give encouragement to the notion of an active oil kitchen in the adjacent Johnstone Trough.
Although early days, this boosts the exploration potential of this general area, the chances of finding further oil in JW-1 and the probability of a positive decision to the drilling of Surprise-1.
The sandstones below this seal show 20 to 40% dull to bright green-yellow fluorescence with a blooming blue-white fluorescent cut and thick residual ring.
Gas shows up to 300 parts per million of methane together with traces of heavier ethane, propane butane and pentane were also recorded over parts of the sandstones encountered.
As the well is a wildcat well, some 80 km from the nearest control well, Mt Winter-1, there is some uncertainty over whether these sandstones form part of the upper Stairway Sandstone or perhaps the upper Pacoota Sandstone units.
The sandstones hosting the oil shows have probably low porosity and are interbedded with siltstones over the gross interval, the entire interval of 22m comprising about 50% sandstone.
Central said the drilling rig is currently drilling ahead to assess reservoir quality and potential hydrocarbon saturation in deeper sequences.
A final logging/casing/completion program will be dependent on these results.
Final interpretation of this hydrocarbon show, and others which may be encountered, is dependent on further assessments via logging/coring and testing.
These initial indications give encouragement to the notion of an active oil kitchen in the adjacent Johnstone Trough.
This boosts the exploration potential of this general area, the chances of finding further oil in JW-1 and the probability of a positive decision to the drilling of Surprise-1.
John Heugh, managing director, said further updates of any significant results will be made as soon as practicable prior to the next routine report.
Central is Operator and holds a 90% interest in EP 115, through wholly-owned subsidiary Frontier Oil & Gas Pty Ltd 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.
Central's shares rose 20% to 5.9 cents this afternoon.
