OilVoice - Central Petroleum Reports Discovery in CSG Well CBM107-001

Central Petroleum Reports Discovery in CSG Well CBM107-001

Wednesday, March 03, 2010

Central Petroleum Limited, as Operator, today notified the Northern Territory Department of Resources (DOR) of the discovery status of CSG exploration well CBM107001 in EP 107 in central Australia's Pedirka Basin.

Electric log analysis completed subsequent to the Company's last announcement on 26 February 2010 has confirmed the presence of 130m of coal (in seams > 1m thick), ie 10m thicker than previously reported.

This more accurate assessment, which removes any miscalculation resulting from core losses or other wellsite issues, shows that the coals encountered were 325% thicker than the maximum anticipated pre-spud thickness of up to 40m.

Central holds a 70% interest and is Operator in EP 107, through wholly-owned subsidiary Merlin Energy Pty Ltd, and is in JV with Petroleum Exploration Australia Limited (20%) and Red Sky Energy (NT) Pty Ltd (10%).

The next well in the drilling program, CBM107002 (EP 107), will target the coal sequence in an updip location about 31 km updip to the northwest of CBM107001.

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