Central Petroleum Limited Stock Market Press Releases and Company Profile
CTP Central Australia Interests
CTP Central Australia Interests

Perth, Feb 11, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX: CTP)("Central") is pleased to announce Letters of Intent (LOI) securing the services of various contractors for its forthcoming 2008 exploration programme.

Seismic Line Clearing and Acquisition :

The current 1,150 line km 2D seismic programme being carried out by Terrex Seismic and Terrex Contractors continues with good progress being made in both line clearing and acquisition. Subject to the anticipated farmout to Petroleum Exploration Australia Limited (PXA) being formalised and certain conditions precedent being completed, PXA have agreed to fund a 40% share of the cost to Central of this programme which commenced in December 2007.

In addition to providing additional pre-drilling definition on the Johnstone (oil) and Magee (gas, Helium and condensate) prospects which are contingent wells for 2008, the seismic programme will provide data on a large number of other oil, gas, condensate and Helium leads including a number of large oil plays in the Amadeus Basin EP 115 and the Pedirka Basin (EP 93 and EP 97).

Airborne Gravity Programme SPA 7/04-5:

Central has secured the services of Australian Petroleum Geophysics Limited to conduct an fixed wing airborne gravity survey over the pending 30,000 km2 SPA 704.5 in Western Australia. The use of airborne gravity presents advantages over standard helicopter-borne gravity surveys (heligrav), as Central will be able to collect contiguous gravity data over the whole block and the airborne method will enable Central to collect data faster, cheaper and safer than would be possible using standard heligrav techniques, given its extremely remote location. Quality and resolution of the aerogravity survey is expected to be at least equal to or better than the heligrav technique so the Western Australian Department of Industry and Resources (DOIR) has approved the new technique in place of the older heligrav method.

As part of our commitments to the local indigenous people, Merlin West has agreements in place with the Warrakunya and Kirriwukurra people for a helicopter supported sacred site clearance which will be conducted in conjunction with the airborne gravity survey. This will enable the SPA holder, Merlin West Pty Ltd, a wholly owned Central subsidiary, to make application for an exploration permit or permits at a later date focussed outside of sacred site areas once the aerograv results have been synthesized with existing modern aeromagnetic data.

The survey will be conducted after the final grant of the SPA 7/04-5, which is expected imminently.

Wireline Logging Drilling Programme:

Central has secured the services of Baker Atlas to provide wireline logging services for a minimum of 2 conventional wells plus options for up to a further 5 conventional wells and 3 coal bed methane wells for a back to back programme during 2008. Baker Atlas have a well established reputation in Australia for delivering quality services at a reasonable cost and have secured contracts for much of the work being done in the Cooper Basin, an analogue of the Pedirka Basin.

Hydrocarbon Well Logging (Mudlogging) Programme :

Central has secured the services of Baker Hughes INTEQ to provide mudlogging services for its 2008 drilling programme. Another Baker Hughes subsidiary, INTEQ has provided mudlogging services for many of the wells drilled throughout Australia both onshore and offshore in recent years. Throughout South East Asia they operate 32 mudlogging units and have agreed to provide the INTEQ "Advantage" mudlogging unit with crew to Central. The unit is easily upgraded to include a full suite of MWD, MWD and DD services if required.

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.

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