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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	CTP
Latest Price:	0.06 (1.85% )
52-week High:	0.08
52-week Low:	0.04
Market Cap:	59.03M

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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 updates Johnstone West -1 wildcat oil well

Thursday, September 09, 2010

Central Petroleum (ASX: CTP) has advised it had difficulties in drilling a planned 18m core barrel run to sample further below the "excellent live oil shows" in the Johnstone West -1 well over a depth interval of 1469m-1475m (6m).

The company said in a statement the core barrel assembly parted company with the bottom hole assembly before any significant core could be drilled. The core was considered to be desirable but not essential to full evaluation of the well.

CTP said it plans to retrieve the core barrel but has determined that it is unlikely to continue the coring attempt if it can be retrieved and will instead drill ahead with an 8.5” tricone bit as soon as possible to evaluate the sections below the recent oil shows at least to the top of the Goyder Formation.

Following this, it is planned to log the well, measure downhole pressures and to flow test any promising zones. It is not certain that the current promising zone or any other potential zones will flow to surface but the Company is optimistic about such a result.

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.

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