Central Petroleum Limited (ASX:CTP) 12.01.13 Surprise 1 Re-Entry H Update

13.01.2012  |  ABN Newswire

Sydney, Australia (ABN Newswire) - Central Petroleum Limited (ASX:CTP) ('Central' or the 'Company') advises that further initial flow testing of the Surprise-1 Re-entry H (S1REH) well has finished after recording a sustained flow rate via a 32/64' choke of 380 bbls/day with a low 4.4% drilling fluid and/or water cut as previously announced.

The final PBU (Pressure Build Up) was 523 PSI.

It is planned to seek agreement on a sales contract and the necessary permitting, approvals and logistics for oil production during an EPT (Extended Production Test), anticipated to commence within 2-3 months and to extend for up to several months. It is possible that further improvements in flow rate may be recorded during the EPT.

All relevant geological, petrophysical and flow testing data gathered from the drilling of S1REH as well as all available seismic data is being prepared for comprehensive analysis to better define the reservoir potential and design the most appropriate EPT.

Options for a second well at the Surprise prospect prior to running a 3D seismic programme and using the existing drilling rig are being examined.

Hunt Rig 3 is being released today to be stacked on site pending a determination of drilling plans going forward.

The Company's Share Purchase Plan with Shares available at $0.055 to Shareholders on the Record Date (see ASX Announcement dated 23 September 2011) will remain open until and including 25 January 2012.

Further updates will be provided as significant information becomes available.

About Central Petroleum Limited:

Central Petroleum (ASX:CTP) is an ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia.

Source:

Central Petroleum Limited

Contact:

John Heugh
Tel: +61-8-9474-1444
Central Petroleum Limited