Central Petroleum Limited Stock Market Press Releases and Company Profile

Adelaide, Oct 7, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that 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.

Drilling : As at 0600 today, 9 and 5/8" casing had been set and cemented and preparations were being made to drill ahead. The well had reached a current depth of 804m in the ?Bulldog Shale, predominantly claystone with minor stringers of sandstone. The wellsite interpreted top of the Bulldog Shale was 705m which was 225m high to prognosis so casing was set higher than planned to enable a full logging suite of the first target zones within the Algebuckina and perhaps Cadna-owie Formations. Background gas of 2-30 units (100 ppm to 1 unit) with C1 90-99 % and C2 1-9% were recorded in the interval from 630-804m with peaks up to 130 units in minor sandstones towards the base of the Bulldog interval drilled thus far. Although no definitive conclusions can be reached about this data, certainly the gas levels recorded in this well are much higher than in the same intervals at Blamore 1. The interpreted formation tops coming in higher than anticipated is an interesting development.

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. The exclusive option agreement with a potential new joint venture partner which had paid a c.$600,000 option fee expired yesterday so Central is now free to negotiate with other interested parties as well as the hitherto exclusive option holder.

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

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969


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