announcement out

ASX ANNOUNCEMENT ASX CODE: CTP
27 December 2011
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
SURPRISE-1 RE-ENTRY H DRILLING UPDATE
Central Petroleum Limited (ASX:CTP) (“Central” or the “Company”) advises shareholders that at 0600 this morning CST, the Surprise-1 Re-entry H well was drilling ahead horizontally at approximately 10 metres/hour at a Measured Depth of 2,630m and a True Vertical Depth (TVD) of 2,543m. Approximately 75m of horizontal well bore has been drilled.
Continuous good oil shows are being encountered in sandstone with 100% dull to bright yellow fluorescence and instant blue/white cut fluorescence.
On several trips oil has collected in the possum belly and over the shakers and continuous “breakouts” of oil droplets are apparent in the lightweight brine mud system.
On the most recent trip back in to the well to a TVD of 2,542m, trip gas with a peak reading of 1,000 units was recorded with C1/C2/C3/iC4/nC4/C5 percentages of 46/18/14/4/10/8 % respectively. Connection gas has now increased to 200 units over a background of approximately 80 units with a similar composition to the trip gas.
Visual observation of oil in the drilling fluid in the possum belly and over the shakers indicates that the quantity is increasing on circulation to the surface following connections.
Oil on the surface of drilling fluid in the possum belly-Note: As the oil is floating on the surface of the drilling fluid and dispersed in droplets throughout, no quantification of oil volumes can be given.
Further updates will be provided when any significant information becomes available.
Any results or conclusions reported are based on preliminary analysis and data and may be subject to change as more data becomes available.
John Heugh