ann drilling update out, page-2

YES - good plan - with first drilling to take place around 19th of THIS month...

Very cheap at 17 IMO... bought more again... lovely stock to trade BTW.

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ASX ANNOUNCEMENT RELEASED to the ASX DATE: 020508
TO: Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
020508 Progress Update Notes Central Petroleum Limited (Central)
• The water well drilling rig is being mobilized to the Blamore 1 wellsite to drill a third water well. The well will probably be artesian in nature. The additional water will be utilized for road watering and compaction of the final segment of the Blamore track to allow ingress of Hunt Rig 2 to the Blamore 1 drilling site.
• Within a week to ten days after the water well at Blamore is brought on line, the new access road is planned to be watered and compacted sufficiently to allow Hunt Rig 2 to be mobilized to Blamore 1 where the Joint Venture with Petroleum Exploration Australia Limited (PXA) is targeting Undiscovered Oil Initially in Place “high” estimate (UOIIP) of c.70 MMbbls. Difficulties with water drilling equipment on site have in turn delayed water supplies for road preparation to the Blamore 1 drilling site although an access track allowing seismic acquisition deployment has been in place for some time.
• Seismic acquisition continues over the Madigan prospect in EP 97 (Rawson Resources, “RAW”, permit where Central is farming in to the Simpson, Bejah and Dune Prospect Blocks) with a total to date of 130 line km having been acquired. The remaining 7 km is expected to have been acquired and the crew beginning to demobilise by this coming weekend. The Simpson prospect has been assessed as having potential to host up to 190 MMbbls of oil in UOIIP. The Joint Venture, (Central and PXA), has completed seismic acquisition over the Guinevere and Madigan oil prospects in EP 93 with field reports indicating high quality results. The Joint Venture is targeting UOIIP assessed as approaching 1,000 MMbbls potential in the hitherto little known Guinevere and Vivienne prospects in EP 93. These are very favourably located close to the middle of an interpreted extensive Permian oil “kitchen” in the Madigan Trough.
• The proposed drilling programme for 2008 is appended, subject, inter alia, to operational contingencies and exploration results. Dependent on seismic results over the Guinevere, Vivienne, Madigan and Johnstone structures which are all oil prospects currently being assessed, priorities may change from time to time. Central is focused on the discovery of oil to provide early cashflow followed by longer term strategies of developing potential gas discoveries to fuel value adding processing of gas into middle distillates and naphtha in a Fischer-Tropsch type GTL plant.