Central Petroleum (ASX:CTP) is to run electric logs and a multi formation tester to gain pressure information, and a full suite of velocity seismic profiles on Johnstone West 1.
The decision was made yesterday to pull out of the hole and run tests after a depth of 1,666m RKB was reached.
Oil shows had been encountered over a relatively continuous sandstone sequence from 1,469m to 1,484m RKB in the tentatively identified Stairway Sandstone, a total of 15m in all after a successful sidetrack operation following a core barrel decoupling.
John Heugh, managing director, said: “These results in Johnstone West-1 are very encouraging and the Company is hopeful of successfully flowing oil to surface on test."
Final interpretation of these hydrocarbon shows and others which may be encountered is dependent on further assessments via electric logging, pressure and flow testing and no conclusions can be reached as to the commercial potential of the Johnstone West prospect until these further assessments are completed.
Central is the operator of Johnstone West 1 with a 90% interest through wholly-owned subsidiary Frontier Oil & Gas Pty Ltd, with Trident Energy Limited holding a 10% interest in the permit.