here come the rabbits

We said we wanted JH to pull more rabbits out of his hat. Here comes another one.


THREEFOLD INCREASE IN POTENTIAL OF
KEY NORTHERN TERRITORY OIL TARGET


An extensive seismic evaluation has significantly upgraded the potential of Central Petroleum’s first planned oil target in an emerging new hydrocarbon province in the western part of the Northern Territory’s Amadeus Basin.
Perth-based Central Petroleum (ASX: “CTP”) announced today that seismic remapping of the area – considered one of the “oiliest” in Central Australia – has revealed the potential for up to 998 million barrels (MMbbls) of Undiscovered Oil Initially In Place in a number of potential reservoir horizons in the Johnstone Oil Prospect, about 400 kilometres west of Alice Springs.
In particular, the primary Pacoota Sandstone horizon – a known hydrocarbon producer at the neighbouring Mereenie Oil Field and Palm Valley Gas Field – could potentially host an estimated 669 MMbbls of Undiscovered Oil Initially In Place in the Johnstone prospect.
“Our seismic remapping has increased the prospectivity of the Johnstone prospect by more than three times, and confirmed it as one of the most exciting hydrocarbon prospects in our current portfolio,” Central Petroleum’s Managing Director, Mr John Heugh, said.
“This remapping has demonstrated that the prospect can be tied seismically to the Mount Winter-1 well, about 50 kilometres to the east, which encountered some good oil shows in the same formations when it was drilled during the 1980s.


see full announcement