"Central Petroleum Limited (ASX:CTP) (“Central” or the “Company”), has pleasure in announcing that interpretation of electric logs, cuttings sampling, gas chromatography and coring to date has indicated a possible gross oil column in the Lower Stairway Sandstone of up to c.17m, with permeabilities ranging up to 420 Millidarcys measured in a 9m cored zone. Smaller hydrocarbon zones up to c.1m in the Middle Stairway Sandstone and up to c.2m in the Top Pacoota Sandstone have also been interpreted."
Best chance of "flow to surface "
“The results thus far from the drilling and logging of Surprise-1 are such that a horizontal wellbore test of the Lower Stairway Sandstone is considered appropriate” said Mr John Heugh, the Managing Director this morning. “Movable oil has yet to be proved but the Company is optimistic and believes that a horizontal wellbore offers the best possible chance for oil flow to surface by accessing a much longer sandstone section than is possible via a vertical wellbore.”
SPP .
"Given the timing of these operations, a further extension of the Share Purchase Plan is being considered. Any conclusions will be the subject of a further announcement."
CB
CTP Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
