11.12.27 Surprise-1 Re-entry H Update
Sydney, Dec 28, 2011 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) ("Central" or the "Company") advises shareholders that at 0600 this morning CST, the Surprise-1 Re-entry H well was drilling ahead horizontally at approximately 10 metres/hour at a Measured Depth of 2,630m and a True Vertical Depth (TVD) of 2,543m. Approximately 75m of horizontal well bore has been drilled.
Continuous good oil shows are being encountered in sandstone with 100% dull to bright yellow fluorescence and instant blue/white cut fluorescence.
On several trips oil has collected in the possum belly and over the shakers and continuous "breakouts" of oil droplets are apparent in the lightweight brine mud system.
On the most recent trip back in to the well to a TVD of 2,542m, trip gas with a peak reading of 1,000 units was recorded with C1/C2/C3/iC4/nC4/C5 percentages of 46/18/14/4/10/8 % respectively. Connection gas has now increased to 200 units over a background of approximately 80 units with a similar composition to the trip gas.
Visual observation of oil in the drilling fluid in the possum belly and over the shakers indicates that the quantity is increasing on circulation to the surface following connections.
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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