Central Petroleum Limited (ASX:CTP) Webcast - Oil Discovery at Surprise-1 REH
Perth, Jan 24, 2012 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) announce a webcast regarding 'Oil discovery at Surprise-1". To access the Central Petroleum webcast click the following link http://abnnewswire.net/lnk/0D456JNW
Central Petroleum's 100% owned Surprise-1 REH well has flow tested at 380 barrels of oil per day (bopd) and the prospect may have the potential to double that with additional drilling. The Surprise-1 was drilled in November/December 2010 and showed the existence of oil beyond any doubt with an unrisked target of about 10 million barrels of oil in place at P50 level and good permeability, at least in part, in a 9m core that was retrieved from the well.
Drilling and flow testing had to be deferred at Surprise-1 due to an unfortunate rig incedent and the drilling contract had to be terminated. Due to the difficulty in securing drill rigs within Australia, Central Petroleum were unable to begin redrilling until November 2011, which by then had acquired services of Dalton Hallgren, a horizontal drill specialist from the US. With the advice of Hallgren, Central Petroleum begun drilling a horizontal section into the already cored zone and to flow test it.
Flow testing achieved a sustained flow rate of 380 barrels of oil per day via a 32/64" choke over a 230 metre horizontal section and a Gross Vertical Thickness with continuous oil shows of approximately 28 metres. There are additional oil shows above this giving a potential maximum thickness of oil shows in the Stairway Sandstone of some 68m; we are not sure at this stage whether this is a continuous oil column or not but this is a very positive result.
Further, the product is a light sweet crude with API Gravity averaging 40 degrees - a quality that attracts TAPIS benchmark prices (that are currently around $120 a barrel). This is an eminently saleable product.
Access this webcast at http://abnnewswire.net/lnk/0D456JNW
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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