Adelaide, Oct 10, 2008 (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that as at 0600 today, the well had reached a current depth of 1,370m in the ?Algebuckina Sandstone with very minor claystone and siltstone. The wellsite interpreted top of the Algebuckina Sandstone was at 1,189m, ie 46m high to prognosis. Background gas of c.2 units has been recorded since drilling out the casing shoe.

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.