announcment out

ASX ANNOUNCEMENT ASX CODE: CTP
12 March 2010
TO: The Manager, Company Announcements ASX Limited
Central commences road works ahead of drilling at Ooraminna 2, central
Australia
Highlights:
 Central commences necessary road works required to access site for drilling of
Ooraminna 2 in Central Australia,
 Ooraminna 2 is the first well in Centrals 2010 conventional drilling programme, and
 Prospect may host up to 2 Trillion Cubic Feet of Gas (TCFG) at high estimate of
Undiscovered Gas Initially In Place (UGIIP).
Central Petroleum Limited (ASX: CTP) (Central or the Company), as Operator, advises
that it has commenced the necessary road works required to enable access to site of
Ooraminna 2, the first well in Centrals 2010 conventional drilling program.
Ooraminna 2 is essentially a step out, or appraisal, well that follows Ooraminna 1, which was
the first well drilled in the Amadeus Basin by Exoil in 1963 which flowed gas to surface. Central
understands it was never tested properly.
Central believes the prospect may host up to 2 Trillion Cubic Feet of Gas (TCFG) at high
estimate of Undiscovered Gas Initially In Place (UGIIP). The prospect is considered to be similar
in structure to the Palm Valley field in the same basin (which Central understands has delivered
over 100 MMCFG/day on test from individual wells), in that it is thought to have fracture
dominant production potential and as such will require a deviated well to intersect the maximum
number of vertical to sub-vertical fractures. These fractures are thought to occur on the crest of
the 300 km2 structure that would enhance production potential.