www.centralpetroleum.com.au
Central Petroleum (ASX: CTP) holds an extensive package of prospective acreage of over 270,000 km2 in central Australia, which is predominately in the Pedirka Basin, along with 25,000 km2 in the Southern Georgina Basin.
Apart from conventional gas potential, the company has had independent estimates of over 10,000 trillion cubic feet in UCG "syngas" prospective recoverable resources.
Central Petroleum readies for drilling highly prospective central Australian wells
Central Petroleum (ASX: CTP) is getting ready to commence a liquids focussed drilling program of up to three wells in the largely under explored central Australia.
The wells include Surprise-1 re-entry, Madigan or Simpson East and Mt Kitty, with the company to use Hunt Energy and Mineral Co. Australia Pty Ltd for the drilling.
The drilling rig and associated equipment is planned to commence mobilising to the site within a week, and will be ready for the re-entry of Surprise-1 in the first week in November.
The timeline plan for Central Petroleum is to complete the drilling and testing of Surprise-1 by about the first week of December.
Renewal of access roads and the airstrip have been completed, with the drilling pad, sump and most of the required casing and hardware on hand.
John Heugh, managing director of Central Petroleum commented, “The situation in Australia is very tight for drilling rigs and associated equipment and even tighter in central Australia and this has substantially hampered our plans to begin drilling again this year.
"Contrary to some market beliefs, the company has not been sitting on the fence waiting for groups such as Petrofrontier or Rodinia to announce drilling results in neighbouring ground.
"There is no reason for the company to have delayed drilling other than a profound shortage of appropriate drilling rigs.”
Highlighting the potential of the new drilling, it's worth reviewing previously reported independent estimates provided by RPS Energy.
Subject to confirmation of visual hydrocarbon saturation by electric logging, pressure data and flow testing, that one 9 metre zone alone in the already drilled section of Surprise-1 has the ability to flow at between c.500 to c.1,000 barrels per day.
Surprise-1 has not yet drilled into the main target zone, the Pacoota Sandstone and there are other potential Direct Hydrocarbon Indicators throughout the Pacoota Sandstone.
Two additional oil shows in the Lower Stairway Sandstone above the 9 metre cored zone remain unevaluated other than in visual inspection of cuttings.
Central Petroleum has ceased negotiations with Australian Drilling Services Pty Ltd for the provision of their Rig 6 and anticipates signing a formal contract with Hunt within a week.
