ASX ANNOUNCEMENT ASX CODE: CTP6 July 2010TO: The Manager,...

ASX ANNOUNCEMENT ASX CODE: CTP
6 July 2010
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
OORAMINNA 2 DRILLING UPDATE
Central Petroleum Limited (ASX:CTP) (Central), as Operator, advises that in respect to the drilling of Ooraminna 2, the 7 casing has been cemented in place and the BOP stack changed out for a smaller unit in preparation to drill the 6 hole section. This has taken longer than expected, as it is a new installation on the drilling rig. The rig is currently picking up a new string of slim-hole tools, 4 Drill Collars & 3 Drill Pipe to drill ahead with. It is the intention of the Company to drill ahead with air to maximise potential gas flows.
It is expected that Central will be drilling the top of the main target zone, the Pioneer Sandstone late Wednesday, 7 July 2010.
Ooraminna 2 (2 TCFG high estimate UGIIP) is the first well in a planned 3-4 well programme for 2010 including the 500 MMbbl oil (high estimate UOIIP) Johnstone West 1 prospect and the 800 BCFG (high estimate UGIIP) and 15 BCF helium (high estimate UGIIP) Magee 2 well.
Central is Operator and holds a 90% interest and in EP 82, through wholly-owned subsidiary Helium Australia Pty Ltd, and is in JV with Red Sky Energy (NT) Pty Ltd (10%). Ooraminna 2 is located at Latitude 24 degrees 01 minutes 05.83 seconds, Longitude 134 degrees 10 minutes 10.95 seconds.


CTPO is the oppie. Expire 2014. Exercise price .16