Central Petroleum Limited Stock Market Press Releases and Company Profile

Adelaide, Oct 8, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that as at 0600 today, the well had reached a current depth of 861m in the Bulldog Shale, predominantly claystone.

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 units has been recorded since drilling out the casing shoe.30 units (100 ppm to 1 unit. 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.

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 at midnight on the 6th October so Central is now free to negotiate with other interested parties as well as the hitherto exclusive option holder.

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.

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.

abnnewswire.com 


Contact

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


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