Perth, April 7, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX: CTP)(PNK: CPTLF) continues its relentless drive towards unlocking the hydrocarbon and Helium potential of central Australia.
- On track to mobilise Hunt Rig 2 by the end of April 2008 to drill Blamore 1
- All service companies and major vendors have been finalised
- Drill pads have been levelled at Blamore 1 and Simpson 1 in readiness for water well drilling and conductor pipe setting-combined assessed UOIIP 261 Mmbbls
- Juris Ozolins has been retained as the onsite Drilling Supervisor for Blamore 1 and ongoing work. Mr Ozolins holds a BEng and has consulted for such companies as Santos, Kufpec, Stuart Petroleum, Ampolex, Cairn Energy, and Conoco; Central welcomes him to the team.
- Seismic line clearing has been completed at the Guinevere and Vivienne oil prospects in the Pedirka Basin-combined assessed UOIIP of 1.235 Billion bbls) and have commenced line clearing at the Madigan oil prospect in the same basin-assessed UOIIP 140 MMbbls. (A review of prospects in Central's inventory follows)
- Seismic acquisition has been completed at the Magee prospect in the Amadeus-Helium, gas and condensate target-assessed 65 BCF UGIIP, 4 BCF Helium UGIIP and moved to commence acquisition on the Blamore track in the Pedirka where additional information on both conventional and CBM targets will be acquired.
- All well locations for the 3 CBM and 4 conventional oil, gas and Helium wells (Blamore, Simpson, Mt Kitty and Ooraminna) have been finalised. This initial 2008 phase of exploration is planned to be the first phase of exploration of a target 34-70 TCFG in CBM recoverable prospective resources as well as addressing c. 5 TCFG and 260 MMbbls in UGIIP and UOIIP in conventional targets.
- A potential new oil exploration play has been described at the Johnstone oil prospect in EP 115. Previously it was thought that the main target horizon, the Pacoota Sandstone would depend entirely on fault seal to the north but new seismic results indicate potential for the Pacoota to be sealed in 4 way dip closure by the Parkes Siltstone on the western crest of the structure. There also appears to be potential for a new exploration play, the Mereenie Sandstone to be sealed in 4 way dip closure over a large part of the structure by the Parkes Siltstone, providing fault independent closure of a sandstone reservoir. Possible DHIs have also been identified within the Pacoota Sandstone and the Mereenie Sandstone. Johnstone is assessed as holding potential for up to 300 MMbbls of UOIIP.
Note : UOIIP-Undisdovered Oil Initially In Place, UGIIP-Undiscovered Gas Initially In Place (SPE Definition), BCF-billions of cubic feet, TCF-trillions of cubic feet, MMbbls-millions of barrels, CBM-Coal Bed Methane, DHIs-direct hydrocarbon indicators.
Table 1 Prospects and Leads 2008 Seismic ProgrammeOil Targets---------------------------------------------------------- Basin Permit Closure Size Gross N/G OOIP (acres) (km2) col(ft) (MMBL)----------------------------------------------------------Vivienne* Pedirka EP93 Poolowanna 2298 9 80 0.7 34 Tirrawarra Equ. 2298 9 80 0.6 42 Guinevere* Pedirka EP93 Poolowanna 9390 38 230 0.7 478 Tirrawarra Equ. 9390 38 230 0.6 683 Madigan* Pedirka EP97/EP93 Poolowanna 5436 22 100 0.7 99 Tirrawarra Equ. 5436 22 50 0.6 41 Johnstone Prospect Amadeus EP115 Pacoota Sandstone 13750 55 80 0.75 173 Stuart* Amadeus EP115 Pacoota Sandstone 3000 12 80 0.75 38 Gypsum* Amadeus EP115 Pacoota Sandstone 2000 8 80 0.75 25 ----------------------------------------------------------Gas Targets--------------------------------------------------------------- Basin Permit Closure Size Gross N/G OOIP He (acres) (km2) col(ft) (BCF) (BCF)--------------------------------------------------------------- Wells* Amadeus EP115 Heavitree Qz. 106250 425 85 0.65 3164 190Magee* Amadeus EP82 Heavitree Qz. 12000 48 20 0.6 65 4Petermann Crk Anticline* Amadeus EP112 Heavitree Qz./ Pioneer Sst 39000 156 85 0.65 1162 70Walker Crk Anticline* Amadeus EP112 Heavitree 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 56 Heavitree Qz. 21750 87 85 0.65 648 39 Heavitree Qz. 28000 112 85 0.65 834 50Cavalry Bore Anticline* Amadeus EP112 Heavitree 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 generally less than 3% 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.
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