Perth, Sep 4, 2008 AEST (ABN Newswire) - 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. An intermediate string of 7" casing has been cemented 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.
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 about the Triassic Walkandi Formation and then failure of drill stem test tools to function. It is planned to conduct Drill Stem Tests for permeability measurements over any promising coal beds as well as to core the coals with a wireline retrievable coring system for CBM production analysis. Contingent plans have been made to complete the well as a potential producer.
CBM93001 is the second well in a planned 2008 seven well programme by Central Petroleum Limited (Central) and its Joint Venture Partners, Petroleum Exploration Australia Limited and He Nuclear Limited 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. Please refer to earlier announcements for details of the 2008 exploration programme.
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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