announcment out

ASX ANNOUNCEMENT ASX CODE: CTP
15 September 2010
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
EXCELLENT OIL SHOWS CONTINUE - Johnstone West-1 (EP115) wildcat oil well
Central Petroleum Limited (ASX:CTP) (?Central?), as Operator, advises in addition to the oil shows previously announced from 1,387m to 1,475m, that prior to pulling out of the hole overnight to change the bottom hole assembly, the Johnstone West -1 well (JW-1) encountered further significant and excellent live oil shows over a depth interval of 1,475m-1,479m (4m approximately of new hole) continuous with the previous excellent oil shows recorded over the interval 1,469m to 1,475m. The rig is expected to drill ahead in further new hole sometime later this morning.
?We have only drilled a further 4m of new hole after a successful sidetrack to drill around a disconnected coring bit but the excellent oil shows previously recorded from 1,469m to 1,475m have continued and improved with peak gas increasing to 160 units in a range from methane to pentane and porosity improving from good to very good? said John Heugh, Central?s Managing Director this morning.
JW-1 has now penetrated approximately 92m of relatively continuous oil shows with no evidence of a water leg. The last 10m have recorded excellent natural white to yellow white fluorescence with evidence of visible oil in cuttings samples.
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.