Perth, Dec 19, 2007 AEST (ABN Newswire) - Central Petroleum Limited (ASX: CTP) is committed to a major phase of exploration activity in its Amadeus and Pedirka/Eromanga Basin permits in 2008.
Line clearing began in December for an extensive 2D seismic survey (totalling up to 1153 km) in the Amadeus and Pedirka/Eromanga Basins (Table-1) and the crew and equipment have been mobilised from the Canning Basin (Arc Energy programme) to central Australia. The survey is an adjunct to a 483 km seismic survey acquired in early 2007. Terrex Seismic, Dynamic Satellite Surveys and Terrex Contracting are the main contractors for the seismic acquisition programme.
The 2008 survey will provide further pre-drilling detail of the Johnstone (Amadeus Basin - oil) and Magee (Amadeus Basin- Helium, gas, condensate) prospects. Total hydrocarbons addressed by these two prospects are 173 MMbbl, 65 BCFG and 4 BCF Helium. Eight other Amadeus Basin structural leads will be detailed and address 10 TCFG while the Stuart and Gypsum Amadeus Basin structural leads could host up to 63 MMbbl. OOIP.
All estimates provided in this announcement unless otherwise annotated are based on Undiscovered Petroleum Originally in Place at "high" estimate if filled to spill (SPE).
In the Pedirka/Eromanga Basin, the current survey will detail three strong oil leads, the Vivienne, Guinevere and Madigan leads. Total petroleum addressed by these leads is 1.3 Billion barrels oil.
Central Petroleum currently has five drillable prospects including Blamore-1 (oil), Simpson-1 (oil), Ooraminna-2 (gas), Mt Kitty-1 (gas/Helium/condensate) and Waterhouse-3 (gas) and three CBM (coal bed methane) wells on its books ready for attention in 2008. A further two prospects/leads may reach drillable status following new seismic mapping based on the 2008 seismic program (Johnstone-1 and Magee-1).
Recent remapping of two important drillable oil prospects in the Pedirka/Eromanga Basin, i.e. the Blamore and Simpson Prospects, has facilitated an update of "high" estimate original-oil-in-place (OOIP) of 81 mmbl and 161 MMbbl respectively. For its 2008 drilling program Central has targeted geological variance in its prospects to mitigate geological risk, relatively shallow drilling targets to reduce cost and has also favoured large oil/gas-condensate-Helium prospects potentially capable of delivering very significant early cash flow.
The drilling program for 2008 comprises two firm wells (either of Blamore 1 or Simpson 1 and Mt Kitty 1) with additional drilling of up to a further 5 conventional wells and 3 CBM wells contingent on inter alia, final consummation of a farmout agreement and continuation of a rolling convertible bond proposal awaiting approval of Shareholders on December 21st, 2008. Hunt Energy and Minerals Co.-Australia have been selected as the drilling contractors as previously announced.
Table 1 Prospects and Leads 2008 Seismic Programme-------------------------------------------------------------------------Oil Targets------------------------------------------------------------------------- Basin Permit Closure Size Gross N/G OOIP (acres) (km2) col(ft) (MMBL)Vivienne* Pedirka EP93 Poolowanna 2298 9 80 0.7 34Tirrawarra Equ. 2298 9 80 0.6 42Guinevere* Pedirka EP93Poolowanna 9390 38 230 0.7 478Tirrawarra Equ. 9390 38 230 0.6 683Madigan* Pedirka EP97/EP93Poolowanna 5436 22 100 0.7 99Tirrawarra Equ. 5436 22 50 0.6 41Johnstone Prospect Amadeus EP115Pacoota Sandstone 13750 55 80 0.75 173Stuart* Amadeus EP115Pacoota Sandstone 3000 12 80 0.75 38Gypsum* Amadeus EP115Pacoota Sandstone 2000 8 80 0.75 25-------------------------------------------------------------------Gas Targets------------------------------------------------------------------- Basin Permit Closure Size Gross N/G OGIP He (BCF) (acres) (km2) col(ft) (BCF)Wells* Amadeus EP115Heavitree Qz. 106250 425 85 0.65 3164 190Magee* Amadeus EP82Heavitree Qz. 12000 48 20 0.6 65 4Petermann Crk Anticline* Amadeus EP112Heavitree Qz./Pioneer Sst 39000 156 85 0.65 1162 70Walker Crk Anticline* Amadeus EP112Heavitree Qz./Pioneer Sst 46750 187 85 0.65 1392 84Seymour Anticline* Amadeus EP112 Heavitree Qz./Pioneer Sst/Arumbera Sst 31250 125 85 0.65 931 56Liddle Hills Anticline* Amadeus EP112/EP118Heavitree Qz. 46750 187 85 0.65 1392 84Canteen Anticline* Amadeus EP112Heavitree Qz. 21750 87 85 0.65 648 39Inindia Bore Anticline* Amadeus EP118Heavitree Qz. 28000 112 85 0.65 834 50Cavalry Bore Anticline* Amadeus EP112Heavitree Qz./Pioneer Sst 18750 75 85 0.65 558 34---------------------------------------------------------------
**Ooraminna 2, **Waterhouse 3 and **Mt Kitty 1 not shown in Table 1 are thought to have "high" recoverable prospective resources estimates of 3.4 TCFG and 105 BCFG Helium. (Young 2005)
- All structures are estimated at fill to spill basis, Society of Petroleum Engineers (SPE) Undiscovered Petroleum Initially in Place "high" estimate guidelines
- All Amadeus Basin prospects and leads will probably rely on fracture porosity to some extent and it is deemed to be less than 2% of gross rock volume
- All original hydrocarbon in place numbers were derived from current mapped closures, excepting leads which have sparse seismic coverage, but in the Amadeus Basin there is frequently some outcrop and aeromagnetic control to add definition pending further seismic in the 2008 programme
- + Additional unquantified oil potential in the Algebuckinna Formation exists if the Poolowanna seal is absent or breached
- * Lead
- ** Drillable with existing seismic
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
| ||
|
