Central Petroleum announces six billion barrel Devonian Reef/Platform Carbonate Oil Plays interpreted in Pedirka Basin

In line with the Company’s focus on liquids exploration and potential exploitation for early cash flow, Central Petroleum Limited (ASX:CTP) (“Central“) has pleasure in releasing CTP Technical Note 11.04.27, “Devonian Reef/Platform Complex Oil Plays Underlying the Pedirka Basin”.

Previous Technical Notes have described elements of the interpreted carbonate complexes underlying the Permian sediments of the Pedirka Basin. This note details further development of the play types and concludes that the leads identified to date have potential Undiscovered Oil Initially In Place (UOIIP) at “best” estimate of 6 billion barrels. (See general disclaimer following). The play types largely lie within the EP 97 “Simpson” and “Pellinor” Prospect Blocks (CTP 80%, Rawson Resources Limited 20%)

“The additional seismic that Central acquired in 2010 has been invaluable in developing a significant number of new leads and play types in the central Amadeus Basin but these oil plays interpreted in the Pedirka Basin are of fundamental importance in the Company’s overarching strategy for early cash flow from oil and liquids discovery” said John Heugh, Central’s Managing Director today.

The Company is keen to accelerate a liquids focussed programme over the next 12 months focussed on re-entry and testing of Surprise-1 for oil potential in both conventional and unconventional horizons, drilling of the Mt Kitty prospect, a sub-salt 2 TCFG UGIIP (“best”) gas/condensate/helium prospect and the drilling of Madigan-1, the first well on a giant structure in the Pedirka Basin with UOIIP (“best”) potential of over 3 billion barrels based on preliminary mapping of new seismic acquired in 2010. Seismic acquisition and future drilling plans over a number of play types are also being evaluated inclusive of the Surprise-Johnstone area in EP115 for conventional and unconventional oil exploration or development, the Madigan and Pellinor Devonian reefal carbonate plays in the Pedirka and, subject to grant, unconventional and conventional oil and gas potential within the Company’s Southern Georgina Basin Arthur Creek Shale plays.

The Company now has 6 billion barrels of oil in unconventional resource potential at “mean” level independently reported in the Amadeus and Southern Georgina Basins as well as a significant number of conventional oil prospects and leads with “best” estimate UOIIP assessed in house of over 10 billion barrels.

The Company has received expressions of interest for evaluating farmins in and joint ventures from numerous companies both national and international including majors and state owned energy companies for conventionally and unconventionally reservoired hydrocarbons, helium and coal. “It is most important therefore that the Company qualify aspiring partners most assiduously.” said Mr Heugh. “The landscape of prospective exploration acreage values in the energy industry, particularly in the overlooked central Australian basin areas is escalating rapidly so that Central is determined to extract maximum value for its shareholders in any deal being contemplated.”


Source: Central Petroleum

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