Brisbane, May 23, 2008 AEST (ABN Newswire) - Mobilization of Hunt Rig 2 to commence Central Petroleum Limited's (ASX:CTP)(PINK:CPTLF) 2008 drilling programme is poised to start shortly with the planned sequence of the Blamore 1 well followed by a Coal Bed Methane well (CBM) or two and then the Simpson 1 well in the Pedirka Basin. An update of timing will be released shortly.
Drilling on a third water bore at the Blamore 1 well site for water to complete road access preparation over the final stage of the Blamore track has been successful with flow rates recorded of over c.5 litres/second (432,000 litres or 2,700 bbls/day).
A total of three CBM wells are also planned in the Pedirka. Blamore 1 and Simpson 1 are addressing up to 260 MMbbls of undiscovered oil initially in place (UOIIP) and the CBM wells will be the first in a series planned to flow test possible CBM recoverable resources of 34-70 TCFG in the Permian and Triassic coals known to be distributed through the Pedirka Basin by previous drilling and regional seismic.
Central is in Joint Venture with Rawson Resources Limited (RAW) and Petroleum Exploration Australia Limited (PXA) on Simpson 1 and with PXA on the CBM wells and Blamore 1.
Central plans also in 2008 to drill the Mt Kitty1 (prospective recoverable resources up to 1.7 TCFG with condensate and Helium credits) and Ooraminna 2 (prospective recoverable resources of up to 0.7 TCFG) wells in Joint Venture with He Nuclear Limited (HEN) and Petroleum Exploration Australia Limited (PXA) respectively.
The following technical note however, focuses on the increased potential of the Pedirka Basin, where this year, a re-assessment of seismic has identified a new trend, the Hector Trend, which in 4 large prospects has potential to host up to 2,000 MMbbls of oil in Undiscovered Petroleum Initially in Place at "high" estimate. (UOIIP)
The Hector Trend, EP(A)130, Pedirka Basin, New Oil Prospects
(CTP Technical Note 230508)
A review of seismic mapping carried out by Robertson Australia in the early 1990's has delineated large and robust Jurassic-Permian prospects on a southerly plunging nose contiguous with the Hallows Trend, namely the Hector Trend, as it emerges updip from the depths of the Eringa-Madigan oil kitchens. The Hector Trend transgresses EP(A) 130 and EP 93 both operated by Central, and also impinges on the far NW portion of EP 97 operated by Rawson Resources Limited.
Total mapped area of closure and corresponding upside UOIIP potential of the four prospects is 450 km2 and 2,100 MMbbls respectively in Permian and Jurassic target horizons.
Four potential four way dip closure prospects, Lancelot, Lamerocke, Tintagel and Galahad leads, have been mapped at Permian and Early Cretaceous levels and relevant volumetrics are tabulated below. Additional seismic is possibly required to better define drilling locations, structural traps and areal closure of these leads, and the UIIOP numbers below are based on seismic mapping from the early 1990's which was in turn based on data acquired from the 1970's and the 1980's.
a) Permian Oil (Purni-Tirrwarra)
---------------------------------------------------Lead Areal Gross Net/Gross Porosity UOIIPPermian Oil Closure Sand mmbl Acres Feet ---------------------------------------------------Lancelot 9,960 30 0.8 0.12 153Lamerocke 23,790 30 0.8 0.12 409Tintagel 5,870 30 0.8 0.12 75Galahad 18,000 30 0.8 0.12 310---------------------------------------------------
a) Jurassic Oil (Algebuckina Sandstone)
---------------------------------------------------Lead Areal Gross Net/Gross Porosity UOIIPPermian Oil Closure Sand mmbl Acres Feet --------------------------------------------------- Lancelot 11,050 120 0.8 0.14 241Lamerocke 9,170 120 0.8 0.14 198Tintagel 18,140 120 0.8 0.14 396Galahad 15,250 120 0.8 0.14 316---------------------------------------------------
Total area a) and b) is 111,230 or 450 km2. This area could be increased or decreased subject to the sealing qualities of some associated faulting.
Total UOIIP potential for the four leads is 2,098 MMbbls.
UOIIP refers to Undiscovered Initial Oil-In- Place "high" estimate of potential filled to spill (SPE definition).
The Tintagel prospect lies on a direct migration pathway from the Eringa Trough source kitchen while Lancelot, Lamerocke and Galahad could be sourced from either the Madigan or Eringa source kitchens or both. Both the Early Jurassic Poolowanna Formation and the Early Permian Purni Formation are proposed as oil source rocks in the main depocentres to the south. The Lancelot prospect, at 25 km distance, is the closest prospect to an interpreted oil kitchen at or above Ro 1.0, the middle of the mature oil window. The same prospect is almost co-incident however with the same oil kitchen at the boundary of Ro maturity of 0.65, the start of the oil window.
Along the updip zone of the Hector Trend and on the Andado Shelf to the west there is potential for coal bed methane.
Evidence from seismic data indicates the structural history of the Hector Trend offers encouragement for oil entrapment in that the leads show a history of structural growth dating back to the Early Permian. This supports the notion that these potential traps were probably present at the time of oil migration in the Early-Late Cretaceous. The prospects do not appear to be examples of later Miocene (Tertiary) structures many of which have been breached by faulting where drilled elsewhere in the Pedirka Basin..
Conclusions
Conventional oil wells Blamore-1 and Simpson-1 will test the veracity of oil generation and migration from the Eringa and Madigan Trough source kitchens. If this is confirmed, there are several drillable prospects which could followup such a result (eg Avalon, Bejah, Dune and possibly Madigan, Guinevere and Vivienne where definition of trap integrity awaits final seismic interpretation). Numerous other leads will also become viable targets over time as EP 93 only has no wells drilled to date and is largely unexplored.
This note also addresses perceived the potential of part of Central's application area EP (A) 130. This area includes the Hector Trend which is contiguous with the Hallows Trend which hosts the Avalon, Blamore, Cawdor, Dyffed and Excalibur Prospects and leads. The two trends have much in common regarding migration pathways from the main source kitchens and also the age and style of structural leads viable for hydrocarbon entrapment.
Success at Blamore and /or Simpson will open up a new oil province and Central's exposure to these target basins, which is considerable (EP 93, EP105, EP 107, EP (A)'s 130,131, EP 107, PELA 77 in South Australia and Farmin areas in EP 97) and their numerous leads and prospects would be pivotal to the Company's growth.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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