johnstone misinformation, page-2

You weren't that far off Pixby.

From the CTP announcement titled "Johnstone prospect uplift in potential" on 5/6/2009
http://www.asx.com.au/asxpdf/20090605/pdf/31hy66zg8n7knm.pdf


"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.

“We will now move systematically towards the drilling of our first well, Johnstone-1, as a priority of our next exploration campaign, which is planned to get underway in the second half of the year,” Mr Heugh said." Ends.

Mereenie oilfield is roughly 180km away from Johnstone & has a pipeline to Alice Springs. I haven't heard anything about the availability or capacity of their line but it sure would be handy IF anything was found way out at Johnstone. With the expenditure Sav-j is talking about I would expect that management know how they're going to get it to market IF we are lucky enough to find commercial quantities.