Adelaide, Oct 7, 2008 (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that 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, 9 and 5/8" casing had been set and cemented and preparations were being made to drill ahead. The well had reached a current depth of 804m in the ?Bulldog Shale, predominantly claystone with minor stringers of sandstone. The wellsite interpreted top of the Bulldog Shale was 705m which was 225m high to prognosis so casing was set higher than planned to enable a full logging suite of the first target zones within the Algebuckina and perhaps Cadna-owie Formations. Background gas of 2-30 units (100 ppm to 1 unit) with C1 90-99 % and C2 1-9% were recorded in the interval from 630-804m with peaks up to 130 units in minor sandstones towards the base of the Bulldog interval drilled thus far. Although no definitive conclusions can be reached about this data, certainly the gas levels recorded in this well are much higher than in the same intervals at Blamore 1. The interpreted formation tops coming in higher than anticipated is an interesting development.

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. The exclusive option agreement with a potential new joint venture partner which had paid a c.$600,000 option fee expired yesterday so Central is now free to negotiate with other interested parties as well as the hitherto exclusive option holder.