Central Petroleum Limited Stock Market Press Releases and Company Profile

Perth, Jan 18, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX: CTP) is pleased to announce an update on its seismic acquisition survey. Terrex Seismic have currently acquired 100 km of 2D seismic data in the Stone Plains Prospect Area (EP112). Line clearing is on schedule with Terrex Contracting currently preparing lines at the Johnstone prospect in EP115.

Central Petroleum is also pleased to announce that Fugro Seismic Imaging is the winning tenderer for seismic processing, with results expected to be available within 3 months of each prospect being acquired.

The current 1,150 line km programme is designed to firm up as drill ready prospects the Johnstone, Guinevere, Vivienne and Madigan oil prospects and the Magee gas-condensate-Helium prospect as well as provide early reconnaissance data over a number of leads. Blamore, Simpson, Waterhouse, Mt Kitty and Ooraminna are ready to drill and drill sites have been chosen.

Hunt Rig 2 has been secured for the drilling programme which will consist at a minimum of two wells, Blamore or Simpson and Mt Kitty but with options for an additional 5 conventional wells and 3 Coal Bed Methane (CBM) wells.

The wells proposed for such an expanded programme would include Blamore 1 (oil), Simpson 1 (oil), Mt Kitty 1 (gas, condensate and Helium), Ooraminna 1 (gas), Waterhouse 3 (gas), Johnstone 1 (oil) and Magee 1 (gas, condensate and Helium) and up to 3 coal bed methane exploration wells in the Pedirka Basin. The proposed programme is subject to additional pre drilling seismic in the case of Magee 1 and Johnstone 1 and in the case of Waterhouse and Magee, the results of drilling at Ooraminna and Mt Kitty. The proposed programme will target upside "high" estimate recoverable prospective resources in the conventional wells of approximately 300 million barrels of oil, 3.4 TCF of gas and 100 BCF of Helium. The proposed coal bed methane programme will be the initial wells in an exploration programme targeting in excess of 70 TCF methane at "high" estimate of recoverable prospective resources.

About Central Petroleum Limited

Central Petroleum LimitedCentral 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.

abnnewswire.com 


Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969


ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 2) (Last 30 Days: 12) (Since Published: 1277)