Adelaide, Oct 2, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announce the Simpson 1 Drilling Report on the Rawson Resources Limited (RAW) and Petroleum Exploration Limited (PXA unlisted) Joint Venture 190 MMbbls ("high" estimate UOIIP).
The well is targeting Undiscovered Oil Initially In Place of up to 190 MMbbls ("high" estimate UOIIP) in the Jurassic Algebuckina and Poolowanna Formations and the Permian Tirrawarra Formation. Depending on depths encountered, it is possible the total depth of the well may test the top of the transgressive sand and shale C horizon of the Devonian carbonate platform play. Delays to the planned spud date of 270908 were occasioned by an intense Simpson Desert sand storm which covered the existing access road and partially by the failure of a contractor to have appropriate equipment available when required.
Drilling : As at 0600 today, the well had reached a Total Depth of 279m in the ?Winton Formation claystones with minor sandstones, background gas of 2-10 units (100 ppm to 1 unit) with C1 80-90% and C2 10-20%.
It is possible that a new Joint Venture partner may join the existing Joint Venture arrangements with Rawson Resources Limited (ASX ticker RAW), Petroleum Exploration Australia (unlisted PXA) and He Nuclear (unlisted HEN). Modification to the existing 2008 seven well programme could result from such a contemplated new arrangement.
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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