Adelaide, Oct 24, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announces that Hunt Rig 2 was released from the Simpson 1 well site at 0800 Northern Territory time on the 22nd October.
While the Mt Kitty and Ooraminna well site locations are relatively safe from potential weather related access problems, the rig is being transported to Kulgera on the Alice Springs-Adelaide highway to allow all weather access to it as a prudent move in consideration of the impending wet season.
Considerable logistics, equipment failings and/or supply problems have resulted in a longer programme to date than originally anticipated.
A decision on the resumption or otherwise of the remainder of the proposed 2008 programme will be made in mid November when the Joint Venture (variously Petroleum Exploration Australia Limited, He Nuclear Limited and Central) will have had an opportunity to review its position.
Discussion has also continued with several potential new entrants into the Joint Venture and some of this discussion has focussed on potential modification to the previously planned 2008 programme and possible extensions thereto in the light of results obtained to date, especially the extent of coal with Coal Bed Methane (CBM) potential which has been indicated by the drilling programme in the Pedirka Basin.
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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