Central Petroleum Limited: Drilling Update - Gaudi-1 Unconventional Gas Exploration Well

05.11.2014  |  ABN Newswire

Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central"), as Operator of the Southern Georgina Joint Venture, advises that Gaudi-1 (see attached map in link below) has completed coring from 2105m through the Lower Arthur Creek Formation (LAC) and Thorntonia Limestone, and reached total depth of 2430m in basement. Gas shows were recorded whilst coring through the LAC.

A total of 66 core segments were placed into sealed canisters for desorption analysis, from which the gas content of the LAC can be determined. A gas peak was recorded near the base LAC, apparently coincident with observed natural fractures.

Forward operations are to conduct a comprehensive wireline logging program, and case and suspend the well ahead of the wet season.

Integration of core and log data will progress understanding of the unconventional potential of the LAC, and facilitate the design of a potential production testing program. Attached is a typical workflow to progress an unconventional play. The South Georgina Joint Venture is currently in the early stages of the "Evaluate" phase.

Central Petroleum Managing Director, Richard Cottee said, "Central is encouraged by the preliminary results of Gaudi-1, where a thicker than anticipated sequence of Lower Arthur Creek formation has been intersected and is desorbing gas."

To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-698706.pdf


About Central Petroleum Limited:

Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) is an ASX listed junior exploration and production company operating the largest holding of prospective onshore acreage in Australia totalling over 270,000 km2, c.70 million acres. This acreage includes permits already awarded and acreage under application with 250,000 km2 under the Petroleum Acts and 20,000 km2 under the Mining Acts mainly in the Northern Territory with smaller holdings in Western Australia, South Australia and Queensland.



Contact:

Central Petroleum Ltd.
Martin Debelle Citadel
T: +61-2-9290-3033
Mobile +61-409-911-189