announcement out

ASX ANNOUNCEMENT ASX CODE: CTP
17 September 2010
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
EXCELLENT OIL SHOWS CONTINUED Johnstone West-1 (EP115) wildcat oil well
Central Petroleum Limited (ASX:CTP) (?Central?), as Operator, advises in addition to the excellent oil shows previously announced from 1,387m to 1,475m RKB, the excellent oilshows continued to a depth of 1,483m RKB, now a total of 14m of excellent oil shows with live oil and a total column of relatively continuous oil shows of differing quality of approximately 96m from 1,387m to 1,483m RKB.
At 1,487m, the well encountered siltstones thought to be representative of the Horn Valley Siltstone, (HVS) a key source rock in the Amadeus Basin generally overlying the Pacoota Sandstone. Gas readings in the tentatively identified HVS increased to a maximum peak of 500 units throughout the section, dominantly methane but with traces of ethane, propane, butane and pentane.
The top of the tentatively identified Pacoota Sandstone was encountered at 1,523m RKB and at 0600 CST, the well had reached a depth of 1,566m. Background gas had fallen to several units only and no further oil shows were recorded. The well is drilling ahead.
Final interpretation of these hydrocarbon shows and others which may be encountered is dependent on further assessments via electric logging, pressure and flow testing and no conclusions can be reached as to the commercial potential of the Johnstone prospect until these further assessments are completed.
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.