Central Petroleum Limited Stock Market Press Releases and Company Profile

Adelaide, Sep 19, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announce CBM93001 to be suspended and completed as a potential CBM gas producer.

The well reached a Total Depth of 1266m and showed up to 140m of coal intersections over 0.2m in thickness with evidence of gas and permeability. Gas analysis on site showed C1 to C5 over various intervals.

Maximum thickness in a single bed of coal approached 30m, a very good result, and the two DSTs conducted showed evidence of permeability

CBM 93-01 Significant Coals Intersected in the Purni Formation (Preliminary wellsite interpretation only coals over 0.5m in thickness)
------------------------------------------------------------Depth Intvl  Seam      Max gas    Chromatographic Background Purni Coal   Thickness Units of   Breakdown(ppm)  GasSeams        (metres)  100pm(metres)          ------------------------------------------------------------721m-723m       2      2  C1 210, C2+ traces            1758m-759m       1      4  C1 310, C2+ traces            1761m-762.5m     1.5    4  C1 304, C2+ traces            1779.4m-780.8m   1      4  C1 372, C2+ traces            1798.7m-810.8m  12.1    4  C1 457, C2+ traces            1836m-853.4m    17.4    4  C1 503, C2+ traces            1873m-885m      12      6  C1 591, C2+ traces          1.5913m-917m       4     10  C1: 957; C2: 52; C3: 7      2.5939.5m-940.5m   1     16  C1: 1,125; C2: 203;                           C3 :19; C4+ traces          1.5945.2m-945.7m   0.5   32  C1: 2,141; C2: 500;                           C3: 26; C4+ traces            4977m-1012m     35    162  C1: 10,791, C2: 2,356,            (logs 34m)     C3: 219, iC4: 20, nC4: 16     61027m-1032m     3    182  C1: 10,618: C2 : 2,231;                           C3: 649; iC4: 31; nC4 : 241;                           iC5:  ; nC5: 0                81049m-1055.5m   6.5  190  C1: 9,593; C2: 2,451;                           C3 829; iC4 81; nC4 370;                           iC5 37; nC5 15               201073.5m-1074.5m 1     60  C1: 1,948; C2 : 649;                           C3: 422; nC4: 69;                           iC4: 249; iC5; 30: nC5: 0    131096m-1101m     5    132  C1: 5,905; C2: 1205;                           C3: 781; iC4 141; nC4: 401;                           iC5: 49; nC5: 10             131099.5m-1111.5m 2     76  C1: 2,925; C2 : 660;                           C3: 516; iC4 : 109;                           nC4: 295; iC5 : 1 43;                           nC5: 5                       101128m-1132m     4    120  C1: 5,204; C2: 931;                           C3:764; iC4 : 167;                           nC4: 405; iC5: 66; nC5: 14   161133.5m-1135m   1.5   70   C1: 2,523; C2 : 456;                           C3: 495; iC4 : 129;                           nC4: 305; iC5: 58; nC5: 14   201139m-1140.5m   1.5   70  C1: 2,435; C2 : 439;                           C3: 422; iC4: 115; nC4: 262;                           iC5: 52; nC5: 12             221174.5m-1179m   1.5   54  C1: 2,430; C2: 297 ;                           C3: 305; iC4: 88; nC4: 183;                           iC5: 44; nC5: 10             101191m-1195m     4     58  C1: 2,756; C2: 365;                           C3: 335; iC4: 113; nC4 211;                           iC5: 63; nC5: 21             15---------------------------------------------------------TOTAL         116.5---------------------------------------------------------
The Blamore 1 well intersected coal intersections over 0.2m in thickness up to 160m, so clearly the coal "package" has not thinned appreciably over the c.50km between the two wells which is congruent with the pre-drilling interpretation on seismic.
The gas composition at the much deeper Blamore 1 well was also remarkably similar to the gases encountered at CBM93001.

The well will be completed and suspended as a potential CBM gas producer after all electric logging has been completed.

"This CBM well in the Pedirka Basin represents the very first phase of exploration of what is regarded as a major potentially recoverable resource in excess of 30 TCFG according to independent reports" said John Heugh, Central Petroleum's Managing Director today. "We know the coal is there from previous drilling, but explorers in the past were not interested at all in the potential for CBM and so no tests were conducted on the coals encountered."

The Company has longer term plans for value adding for any gas discovered and proved and is focused on GTL applications to achieve these aims.

Central, in association with its Joint Venture partners, Petroleum Exploration Australia, He Nuclear Limited and Rawson Resources (RAW) have a comprehensive exploration programme under way in central Australia and the next well planned is Simpson 1, a 190 MMbbl UOIIP potential target well in the Pedirka Basin in EP 97. The well is expected to spud by the end of September 2008.

Glossaries of oilfield terms:
http://www.oglinks.com/glossary.htm

UOIIP : Undiscovered Oil Initially In Place

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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Contact

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