Ann: 10.08.03 Ooraminna 2 Drilling Update , page-2

CONTACT: John Heugh +61 8 9474 1444
OORAMINNA 2 DRILLING UPDATE
Central Petroleum Limited (ASX:CTP) (?Central?), as Operator, advises that in respect to the drilling of Ooraminna 2, the acid squeeze on the top Pioneer Sandstone resulted in an increase in flow rate from 142 to 152 MCFG/day (thousands of cubic feet per day) in a stablised flow through a ?? choke.
All electric logs have been run, and the Ooraminna-2 well will be plugged and abandoned. The combined CMI and Sonic logs remain to be fully analysed, and it is the intention that these and all other relevant data will be subject to specialist assessment of the potential for commercial production of tight gas from the confirmed Ooraminna accumulation as well as natural fracture mapping and orientation. This will include the evaluation of appropriate drilling and well completion options, including horizontal drilling and formation fraccing techniques. The initial assessment of the well indicates that no significant natural fractures were intercepted but detailed structural analysis is hoped to provide pertinent insight into other locations and well orientations which have potential for enhanced flow rates.
?The Ooraminna structure in its entirety extends well beyond the currently mapped closure of 300 km2 to a total area well over 1,000 km2 and our knowledge to date of naturally occurring fracture patterns and potential additional closure is minimal? said John Heugh, Central?s Managing Director today. ?Although there are some parallels to other tight gas plays around the world, the combination of dolomitised limestone, thick calcareous shale bodies and the very large structure at Ooraminna set this apart from many of them. Although further study may indicate otherwise, it is thought that the structure may have been formed via the high level intrusion of a large salt dome at depth. There is a lot more work to be done on this structure; we have only begun the process?