new release from john huegh, page-49

Just wanted to post a few full paragraphs from JH:

TOGY: What is the overall resource potential of
your extensive acreage?

JH [last paragraph only]:
".................................
Now if 10 percent of what the independents
think is there is in fact there, Central Petroleums
shares should be trading at $10-$20 and not
$0.10-0.20, but the company lacks credibility in
the market. This area has been neglected, and it
has only been explored for oil back when it was
first studied nobody was interested in the gas
and nobody tested gas flows."

TOGY: What is the timeline for bringing some of
this acreage into production?

Jh: We have a programme before our joint partners
for an initial five fully cored coal seam gas
wells for exploration purposes in the Pedirka and
three to four conventional wells for oil, gas condensate
and helium in the Amadeus Basin. This
programme includes approximately 1,200 linear
kilometres of seismic and will cost A$45 million-
50 million ($33.66 million-37.44 million) at gross
level. This programme will take us at least 12
months to complete.
Within 12 months of an oil discovery we should
be in production and we hope to be drilling
some oil prospects within the next 12 months.
We think we will be seeing cash flow in one to
two years. We are underscoring this as a frontier
basin area. There has not been any 3D seismic
shot in the whole of this area.

[Adding to position today!]
Cheers,
U2