Adelaide, Oct 14, 2008 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that as at 0600 today, the drilling had been delayed by blocked jets in the bit, after the well had reached a current depth of 1,899m in the ?top Purni Formation.
7m of coal had been intersected from 1,868-1,875m with peak gas increasing to 8 units over this interval over a background of 1-2 units. (100 ppm = 1 unit) C1 of c.80% and C2,C3,C4 and C5 (heavier fractions) of up to c.20% cumulative were recorded over the coal interval.
?top Purni Formation was interpreted to be at 1,868m. Background gas of c.2 units has been recorded since drilling out the casing shoe.
The well is targeting Undiscovered Oil Initially In Place of up to 190 MMbbls ("high" estimate UOIIP) in the Jurassic Algebuckina and Poolowanna Formations and the Permian Tirrawarra Formation. Depending on depths encountered, it is possible the total depth of the well may test the top of the transgressive sand and shale C horizon of the Devonian carbonate platform play.
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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