Adelaide, Oct 9, 2008 (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that as at 0600 today, the well had reached a current depth of 1072m in the Bulldog Shale, predominantly claystone. The operation was delayed approximately 7 hours overnight due to drilling pipe washouts (leakages) developing requiring the drilling pipe to be pulled from the hole and defective pipe being replace.

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 c.2 units has been recorded since drilling out the casing shoe. 30 units (100 ppm to 1 unit. C1 90-99 % and C2 1-9%) of background gas 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. No further sandstones have been encountered since drilling ahead from the casing shoe to a depth of 1072m.

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 at midnight on the 6th October so Central is now free to negotiate with other interested parties as well as the hitherto exclusive option holder.

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.