Central Petroleum Limited Stock Market Press Releases and Company Profile
Central Petroleum Limited (ASX:CTP) Surprise-1 Re-Entry H Oil Flow Increase
Central Petroleum Limited (ASX:CTP) Surprise-1 Re-Entry H Oil Flow Increase

Perth, Jan 12, 2012 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) ("Central" or the "Company") advises that further flow testing today of the Surprise-1 Re-entry H (S1REH) well has resulted in a c.20% increase in sustained flow rate via a 32/64" choke to 380 bbls/day with a low 4.4% drilling fluid and/or water cut-reduced from a previous average of 8%.

The well is temporarily shut in for pressure build analysis and has reached over 520 PSI thus far and now increasing at 1.5 PSI per hour.

The Company plans to have the current oil flowed to date analysed and an interim reservoir analysis conducted to determine the best flow regime for an extension of the current well test programme, contingent on various logistic issues.

The oil flowed to date is a "light sweet crude" with an API Gravity averaging 40 Degrees. There is no evidence of Hydrogen Sulphide (H2S).

The Company's Share Purchase Plan with Shares available at A$0.055 to Shareholders on the Record Date (see ASX Announcement dated 23 September 2011) will remain open until and including 25 January 2012.

Further updates will be provided as significant information becomes available.

Any results or conclusions reported herein are based on preliminary data analysis and may be subject to change as more data becomes available. Nothing in this report represents or should be construed to represent any conclusions as to the ultimate flow capability of the well or to its commercial significance. Such conclusions must await, inter alia, further cleanup flow testing, extended production testing, data analysis and economic studies of potential commercial production and marketing scenarios.

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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