Adelaide, Sep 22, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) advise that it is clear from comments of various shareholders that there is some confusion in the market over the announced results from CBM93001 made on Friday 19th September. The following statements attempt to clarify matters.
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. This assessment was made from preliminary interpretation of electric logs and based on a lower cut-off of 0.2m of coal thickness.
In the 190908 announcement, a table showed cumulative coal thickness of 116.5m. This cumulative thickness was assessed from drilling and electric logging results based on a lower cut-off of 0.5m of coal thickness.
The 190908 announcement also stated that 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 higher figure for cumulative coal stated here is simply a result of using a lower cut-off thickness. This does not mean that there is evidence that absolutely guarantees that the coal package encountered at Blamore1 continues without any variation from Blamore 1 to CBM93001. It means that there is a "high likelihood" that the coal package encountered at Blamore 1 may continue over the c.50km to CBM93001 without significant breaks or significant variations in thickness.
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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