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Central Petroleum Limited (ASX:CTP) (Central), as Operator, reports that the current operation at Ooraminna-2 is finalising a flow line test over the Pioneer Sandstone. The test interval (at approximately 1,261-1,302 metres) is interpreted to be gas saturated and recorded a surface flowing pressure of 15 psi which approximates to a flow rate of 190 Mcfd. No water was recovered. This compares with 12 Mcfd tested from the same zone in Ooraminna-1 drilled in 1963.
At this stage Central believes a gas water contact has not been penetrated. It is planned to continue drilling the well to a prognosed depth of 1,770 metres. The Operator has identified potential gas zones in the Aralka Formation, Areyonga Formation and upper Bitter Springs Formation for testing.
The gas column in the Pioneer Sandstone formation will be further evaluated when electric logs are run. The formation may have potential for fracing and/or acid treatment to improve flow rates.
Central is Operator and holds a 90% interest and in EP 82, through wholly-owned subsidiary Helium Australia Pty Ltd, and is in JV with Red Sky Energy (NT) Pty Ltd (10%). Ooraminna 2 is located at Latitude 24 degrees 01 minutes 05.83 seconds South, Longitude 134 degrees 10 minutes 10.95 seconds East.
The next wells in the planned 3-4 well programme for 2010 include the 500 MMbbl oil (high estimate UOIIP) Johnstone West 1 prospect and the 800 BCFG (high estimate UGIIP) and 15 BCF helium (high estimate UGIIP) Magee 2 well.