update

ASX ANNOUNCEMENT ASX CODE: CTP
08 September 2010
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
Drilling Update Johnstone West-1 (EP115) wildcat oil well
Central Petroleum Limited (ASX:CTP) (Central), as Operator, advises that overnight the Johnstone West -1 well (JW-1) encountered drilling difficulties with a planned 18m core barrel run to sample further below the excellent live oil shows over a depth interval of 1469m-1475m (6m).
The core barrel assembly parted company with the bottom hole assembly before any significant core could be drilled. The core was considered to be desirable but not essential to full evaluation of the well.
The Company plans to attempt to retrieve the core barrel but has determined that it is unlikely to continue the coring attempt if it can be retrieved and will instead drill ahead with an 8.5 tricone bit as soon as possible to evaluate the sections below the recent oil shows at least to the top of the Goyder Formation.
Following this, it is planned to log the well, measure downhole pressures and to flow test any promising zones. It is not certain that the current promising zone or any other potential zones will flow to surface but the Company is optimistic about such a result.
Further updates of any significant results will be made as soon as practicable.
Central is Operator and holds a 90% interest in EP 115, through wholly-owned subsidiary Frontier Oil & Gas Pty Ltd and Trident Energy Limited conditionally holds a 10% interest in the permit. JW-1 is located at Latitude 23 deg 39 minutes and 21.86 seconds South, Longitude 129 degrees 56 minutes and 39.124 seconds East.