Perth, Jan 18, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX: CTP) is pleased to announce an update on its seismic acquisition survey. Terrex Seismic have currently acquired 100 km of 2D seismic data in the Stone Plains Prospect Area (EP112). Line clearing is on schedule with Terrex Contracting currently preparing lines at the Johnstone prospect in EP115.
Central Petroleum is also pleased to announce that Fugro Seismic Imaging is the winning tenderer for seismic processing, with results expected to be available within 3 months of each prospect being acquired.
The current 1,150 line km programme is designed to firm up as drill ready prospects the Johnstone, Guinevere, Vivienne and Madigan oil prospects and the Magee gas-condensate-Helium prospect as well as provide early reconnaissance data over a number of leads. Blamore, Simpson, Waterhouse, Mt Kitty and Ooraminna are ready to drill and drill sites have been chosen.
Hunt Rig 2 has been secured for the drilling programme which will consist at a minimum of two wells, Blamore or Simpson and Mt Kitty but with options for an additional 5 conventional wells and 3 Coal Bed Methane (CBM) wells.
The wells proposed for such an expanded programme would include Blamore 1 (oil), Simpson 1 (oil), Mt Kitty 1 (gas, condensate and Helium), Ooraminna 1 (gas), Waterhouse 3 (gas), Johnstone 1 (oil) and Magee 1 (gas, condensate and Helium) and up to 3 coal bed methane exploration wells in the Pedirka Basin. The proposed programme is subject to additional pre drilling seismic in the case of Magee 1 and Johnstone 1 and in the case of Waterhouse and Magee, the results of drilling at Ooraminna and Mt Kitty. The proposed programme will target upside "high" estimate recoverable prospective resources in the conventional wells of approximately 300 million barrels of oil, 3.4 TCF of gas and 100 BCF of Helium. The proposed coal bed methane programme will be the initial wells in an exploration programme targeting in excess of 70 TCF methane at "high" estimate of recoverable prospective resources.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is an established ASX-listed Australian oil and gas producer (ASX:CTP) with exploration and appraisal permits in the Northern Territory (NT). Central has grown to become the largest onshore gas operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.
Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 169,112 km2 of tenements the NT, including some of Australia's largest known onshore conventional gas prospects in the Amadeus Basin.
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