FYI...ASX ANNOUNCEMENT RELEASED to the ASX DATE: 040608TO:...

FYI...

ASX ANNOUNCEMENT RELEASED to the ASX DATE: 040608

TO: Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444

040608 Drilling Schedule

• Mobilization of Hunt Rig 2 is poised to commence on 10th June with the planned sequence of the Blamore 1 well followed by a Coal Bed Methane well(CBM) or two and then the Simpson 1 well in the Pedirka Basin. The Finke Desert Race due to start on June 6th and run for 3 days has effectively closed the road from Kulgera to the Simpson Desert.

Time to complete mobilization is approximately 10-15 days on a trouble free basis. An updated Gant chart is attached.

• The third water bore for road building purposes located at the Blamore 1 well site is being utilised but with some diminished flow rates until a deeper pump position for the permanent pump can be arranged later today or tomorrow.

• A total of three CBM wells are also planned in the Pedirka. Blamore 1 and Simpson 1 oil wells are addressing up to 260 MMbbls of undiscovered oil initially in place (UOIIP) and the CBM wells will be the first in a series planned
to flow test possible CBM recoverable resources of 34-70 TCFG in the Permian and Triassic coals known to be distributed through the Pedirka Basin by previous drilling and regional seismic.

• Central is in Joint Venture with Rawson Resources Limited (RAW) and Petroleum Exploration Australia Limited (PXA) on Simpson 1 and with PXA on the CBM wells and Blamore 1.

• Central plans also in 2008 to drill the Mt Kitty 1 (prospective recoverable resources up to 1.7 TCFG with condensate and Helium credits) and Ooraminna 2 (prospective recoverable resources of up to 0.7 TCFG) wells in Joint Venture with He Nuclear Limited (HEN) and Petroleum Exploration Australia Limited (PXA) respectively.

John Heugh,
Managing Director,
Central Petroleum Limited