Adelaide, Oct 3, 2008 (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report 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.

Drilling : As at 0600 today, the well had reached a current depth of 607m in the ?Oodnadatta Formation claystones with minor sandstones, background gas of 2-10 units (100 ppm to 1 unit) with C1 80-90% and C2 10-20%. The prognosed top of the Oodnadatta was 664m, interpreted top of 530m wellsite is 134m high to prognosis.

It is possible that a new Joint Venture partner may join the existing Joint Venture arrangements with Rawson Resources Limited (ASX ticker RAW), Petroleum Exploration Australia (unlisted PXA) and He Nuclear (unlisted HEN). Modification to the existing 2008 seven well programme could result from such a contemplated new arrangement.