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Market: ASX
Sector: Energy
EPIC: CTP
Latest Price: A$0.09  (0,00%)
52-week High: A$0.11
52-week Low: A$0.04
Market Cap: A$125.89M
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Central Petroleum Limited
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.

Full Central Petroleum Limited profile here
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Central Petroleum re-enters Surprise-1 well in the Amadeus Basin

20th Nov 2011, 10:42 pm

Central Petroleum (ASX:CTP) re-entered the Surprise-1 Sidetrack-1 in the Amadeus Basin using Hunt Rig 3 at 1700 CST on Saturday 18 November for oil potential in both conventional and unconventional horizons.

Central closed the September quarter out with cash of $13.3 million.

The Surprise-1 re-entry is the first of this current liquids focussed drilling programme on Central’s acreage position including Madigan or Simpson East and Mt Kitty.

Central has previously reported estimates confirmed by independents RPS Energy, (subject to confirmation of visual hydrocarbon saturation by electric logging, pressure data and flow testing), that one 9m zone alone in the already drilled section of Surprise-1 has the ability to flow at between 500 to 1,000 barrels per day.

The plan is to re-enter Surprise-1 and sidetrack the lower part of the existing well bore to get fresh reservoir through existing oil shows for testing and evaluation. The existing shows were seen in a 9 metre core.

The well will then be drilled into the main target zone, the Parcoota Sandstone, which was not reached in Surprise-1 due to the premature termination of drilling operations as a result of the rig incident described elsewhere in this report.

Two additional oil shows in the Lower Stairway Sandstone above the 9 metre cored zone remain unevaluated other than in visual inspection of cuttings.

The company plans to complete the drilling of Surprise-1 by about mid December 2011, contingent on Total Depth (TD) drilled to and evaluation of ongoing results.

Rhe well has been renamed Surprise-1 Sidetrack-1 (S1-ST1) in recognition of the plan to sidetrack to one side of the lower part of the existing well bore to get fresh reservoir through existing oil shows for testing and evaluation.

Canadian listing

Central is progressing a listing on the TSX Venture Exchange (TSXV). The timing of the listing is expected to be in the first quarter of the 2012 calendar year, subject to market conditions.

The company has committed to the services of Canaccord Genuity Corporation and Cormark Securites Inc. to act as financial advisors for the proposed listing.

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