Central Petroleum Limited (ASX:CTP) Coal Bed Methane Drilling Report 120908

Friday September 12 12:29 PM

Perth, Australia, Sept 12, 2008 - (ABN Newswire) - Central Petroleum Limited (ASX: CTP.AX)(PINK:CPTLF) report that at 0600 this morning, DST #1 had tested coals over the interval 798.2 to 810.5 with very good preliminary indications of permeability (ability to flow). Further detail will be released as and when it is available. Drilling to the next significant coal intersection will now take place and if present, it will be cored and tested with the DST equipment. The coal intersection tested when cored showed good cleating and some fracturing Elevated gas readings up to 8 units including C1 to C3 were recorded while drilling the coal, representing 4 times background gas of 2 units.

The well of approximately 1,200m Total Depth (TD) is expected to test a thick sequence of Permian coals updip from the Blamore 1 well recently plugged and abandoned due to engineering problems associated with hole sloughing about the Triassic Walkandi Formation and then failure of drill stem test tools to function. It is planned to conduct Drill Stem Tests for permeability measurements over any promising coal beds as well as to core the coals with a wireline retrievable coring system for CBM production analysis. Contingent plans have been made to complete the well as a potential producer.

CBM93001 is the second well in a planned 2008 seven well programme by Central Petroleum Limited (Central) and its Joint Venture Partners, Petroleum Exploration Australia Limited and He Nuclear Limited in 2008 targeting prospective Undiscovered Oil/Gas Initially in Place (UOIIP/UGIIP) at "high" estimate of 260 Mmbbls oil and 4.6 TCFG gas and up to 180 BCFG Helium in conventional reservoirs as well as representing the first phase of exploration for 34-70 TCFG in prospective recoverable Coal Bed Methane resources. Please refer to earlier announcements for details of the 2008 exploration programme


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.

Contact:
John Heugh
TEL: +61-8-9474-1444


Source:

CENTRAL PETROLEUM LIMITED

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