Central Petroleum Limited Drilling Update - Gaudi-1 Unconventional Well
08.10.2014 | 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 drilling of Gaudi-1 (see map in link below) continues.As at 06:00hrs on 7 October 2014 Gaudi-1 was drilling ahead in 8 1/2" hole at a depth of 2,095m. Once drilling reaches 2,102m wireline logs will be run to confirm stratigraphy. After logging it is planned to run intermediate casing and then commence coring operations through the Arthur Creek Formation.
Drilling has encountered certain gas shows which will be further evaluated upon retrieval of desorption canisters. Such evaluation of the desorbed gas (as part of the core analysis process) will lead to an assessment of the unconventional potential of the Arthur Creek Formation.
The logging program and core analysis will each provide a number of indicators in order to fully understand Gaudi-1 as an unconventional prospect, and no single deliverable can conclusively make or break Gaudi-1 as an unconventional play:
- Logging program - logging deliverables will result in Central understanding reservoir continuity, heterogeneity, mineralogy and the well's natural fractures.
- Core analysis - an industry standard comprehensive analysis of the cores will take around 6 months from the completion of the coring program resulting in an understanding of the reservoir's permeability, thermal maturity, porosity, gas present, rock properties (geomechanics), TOCs (Total Organic Carbon) and zone selection.
Once finalised, these key deliverables will form part of the analysis to proceed to any appraisal phase.
Gaudi-1 is the second well in a program of unconventional gas exploration wells operated by Central (via subsidiary Merlin Energy Pty Ltd in partnership with Total) and is being drilled using Enerdrill Rig 2.
Central Petroleum Managing Director and Chief Executive Officer, Mr Richard Cottee, stressed that the Gaudi-1 test well is an unconventional gas play that requires detailed analysis to assess and evaluate the gas shows identified yesterday.
To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-694026.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 (0)7 3181 3800
F: +61 (0)7 3181 3855
www.centralpetroleum.com.au
