Central Petroleum Limited (ASX:CTP) 11.12.02 Revised Depth And Oil Show Summary Surprise-1
Perth, Dec 2, 2011 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) ("Central" or the "Company"), has pleasure in announcing that current wellsite operations at 0600 CST consist of preparing to run extensive logging suites which are scheduled to commence over this coming weekend followed by the running of 7" casing. A 3.5" drill string and a 6" Bottom Hole Assembly (BHA) to drill to a planned Total Depth of 3,450m RKB are also being prepared.
Within the interval of the Lower Stairway Sandstone to the Middle Stairway Sandstone, fair to good oil shows were recorded in 25m of gross sand (23 m in the Lower Stairway Sandstone and 2 m in the Middle Stairway Sandstone). Evaluation of net pay requires confirmation of reservoir fluid and detailed log analysis.
The Surprise ST-1 well has reached a Total Depth of 2,732m RKB within the Pacoota Sandstone. No further oil shows have been recorded within this unit which directly underlies the Horn Valley Siltstone. After strapping out of the well bore it was apparent there was an 18m error in the drill joint tally. As a result, formation tops were revised upwards by 18m and the new tops are listed below.
Revised Formation Tops are :
Top Horn Valley Siltstone: 2,565m RKB
Top Pacoota Sandstone: 2,613m RKB
It is proposed to run electric logs in addition to an MDT tool which measures formation pressures and samples reservoir fluids. This data should help to establish the fluid content and hydrocarbon saturation of the reservoir, and to an extent permeability and producibility. It is proposed, subject to log and pressure data analyses, to drill laterally into the best oil zone or zones with a horizontal section or sections approaching c.500m or more in length.
The recorded parameters indicate that all gas associated with shows recorded significant heavy gases averaging C1-C5 : 35/13/18/20/14 per cent respectively, indicating the presence of an oil dominated hydrocarbon column.
These preliminary results are all subject to review and revision as more data comes to hand.
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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