Adelaide, Oct 16, 2008 (ABN Newswire) - Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that as at 0600 today, the well had reached a current depth of 2,077m ?Crown Point Formation sandstones with background gas of c.1 unit. Background gas of c1-2 units has been recorded since drilling out the casing shoe. Wellsite interpreted top ot the Tirrawarra Sandstone was 1,990m and the Crown Point Formation 2,000m.
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.
About CENTRAL PETROLEUM LIMITED
Central Petroleum is a ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia. The Company gained admission to the Official List of the ASX on March 3rd 2006 with shares and options commencing to trade on Tuesday the 7th March.The acreage has been assembled since 1998 when the Company was first formed as Merlin Synergy NL.
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