Central Petroleum Limited

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning following some delays in wireline coring acquisition, due to a broken latchkey, the well had reached a total depth (TD) of 774m in the Permian coal bearing Purni Formation.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning drilling ahead in the Permian coal bearing Purni Formation was expected to commence by 0900 NT time. Overnight problems with the BOP stack had delayed the anticipated commencement of drilling. It is expected that the section will be drilled and drill stem tested over the next few days.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning preparations were being made to run in to the hole to drill ahead in the Permian coal bearing Purni Formation. It is expected that the section will be drilled and drill stem tested over the next few days.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning preparations were being made to cement in place an intermediate string of 7" casing at 705m near to the top of the Permian coal bearing Purni Formation. Background gas of c.6 units (560 ppm) maximum including c1 to c4 gases have been recorded to date in overlying sediments.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announce that at 0600 this morning the well had been drilled to 705m with preliminary wellsite interpretation putting the top of the Permian Purni target formation for Coal Bed Methane (CBM) evaluation at 696m.Preparations were being made to drill set an intermediate string of 7" casing at 705m.

Central Petroleum Limited's (ASX:CTP)(PINK:CPTLF) Announce drilling report 010908 CBM93001. At 0600 this morning the well had been drilled to 280m in the Winton Formation and preparations were being made to drill ahead after setting 9 5/8" casing.

Central Petroleum Limited's (ASX:CTP)(PINK:CPTLF) CBM93001 Coal Bed Methane well is expected to spud on Wednesday 27th August. The well of approximately 1,200m Total Depth (TD) is expected to test a thick sequence of Permian coals updip from the Blamore 1 well recently plugged and abandoned due to engineering problems associated with hole sloughing and then failure of drill stem test tools to function.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) wishes to announce that effective 18 August 2008, Mr Bernard Crawford will be appointed as Chief Financial Officer and Company Secretary.

Blamore 1 is the first well in a planned 7 well programme in 2008 targeting prospective Undiscovered Oil/Gas Initially in Place (UOIIP/UGIIP) at "high" estimate of 260 Mmbbls oil and 4.6 TCFG gas and up to 180 BCFG Helium in conventional reservoirs as well as representing the first phase of exploration for 34-70 TCFG in prospective recoverable Coal Bed Methane resources.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) Announce that Blamore 1 is the first well in a planned 7 well programme in 2008 targeting prospective recoverable resources at "high" estimate of 260 Mmbbls oil and 2.4 TCFG gas and up to 105 BCFG Helium in conventional reservoirs as well as representing the first phase of exploration for 34-70 TCFG in prospective recoverable Coal Bed Methane resources.