Perth, June 23, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF)(Central-CTP) is focused initially on drilling conventional 4 way dip closures as oil targets in the Pedirka Basin as well as Coal Bed Methane unconventional targets but two new stratigraphic plays described in the Jurassic Poolowanna Formation and the Permian Tirrawarra Formation have combined Undiscovered Oil Initially in Place at "high" estimate potential (UOIIP) of up to 480 Mmbbls. The new play types may have additional in-situ potential in other sand bodies as well as positive regional implications.
The conclusions reached in the Technical Note are :
- The Perceval and Bedivere Leads are large, with potential for 306 and 172 MMbbls UOIIP respectively. As more seismic is acquired, similar leads/prospects may evolve around other ancestral topographic highs in Central's Pedirka permits. However, the immediate priorities are 4 way dip closure prospects such as Blamore (71 MMbbls UOIIP), Simpson West & East (240 MMbbls UOIIP), Avalon (50 MMbbls UOIIP), Bejah (125 Mmbbls UOIIP), Dune West and East (233 Mmbbls UOIIP) and, subject to further seismic interpretation, Guinevere, Vivienne and Madigan.
- The target depth for both the Perceval and Bevidere leads is relatively shallow at less than 1500m for Perceval and less than 1200 m for Bedivere.
- The top Poolowanna Cycle-1 shales and Purni shales interpreted as sealing horizons here, are proven source rocks with a higher ratio of oil forming macerals than equivalents in the Cooper Basin (Exinite/Vitrinite 17 in the Pedirka versus 7 in the Cooper-Middleton 2003 and Smythe 1979) and may provide intra-formational seal over a wide area in the Pedirka Basin.
- These stratigraphic plays rely upon parameters derived during deposition and hence the traps predate oil migration making the plays less risky and thus attractive targets.
- Poolowanna Formation shales and Purni Fm shales are in the peak oil window in the Madigan Trough and are marginally mature less than 15 km from both leads.
- The potential large scale of onlap plays on the margins of ancestral topographic highs such as the McDills Trend enhances the play application potential. While acknowledging the plays are relatively high risk, the complete absence of oil shows along the crest of the McDills Trend (Etingimbra 1 and McDills 1) could well be a function of such down flank stratigraphic traps cutting off migration to the crest of the structure.
230608 Drilling Schedule
Mobilization of Hunt Rig 2 commenced on 10th June with the anticipated spud date of June 26th 2008, subject to various operational contingencies. Rained out sections of track in the Cooper Basin and the Simpson Desert area have dried and most camp and rig components are either onsite at Blamore 1 or expected by Monday 23rd.
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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