Central Petroleum Limited - Mereenie Reserves Upgrade

14.03.2016  |  ABN Newswire

Brisbane, Australia - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) announces that Netherland, Sewell and Associates, Inc. ("NSAI") has certified the results of Stage 1 of Central's Reserve Upgrade Programme. This certification results in a 240% increase in Proved reserves to 62PJ and a 22% increase in the Proved and Probable reserves to 75PJ (Central equity accounted) as announced on 6 August 2015. Similar upgrading of reserves occurred in the contingent category with a 50% increase in the 2C. The aim of Stage 3 of the programme, being appraisal of wells, is to convert those contingent resources to Proved and Probable reserves. The table in the link below sets out the reserves and contingent resources as certified.

Central Petroleum has a 50% interest in the Mereenie field and is operator.

For a detailed description of the Mereenie Oil & Gas Field, reference is made to the Company's 6 August 2015 ASX Announcement and Media Release titled "Mereenie Oil & Gas Field - Gas Reserves". A further update as to this information is provided in the link below.

To view the release including tables and update information, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-756196.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.
T: +61 7 3181 3800
F: +61 7 3181 3855
www.centralpetroleum.com.au