new - announcement out

ASX ANNOUNCEMENT ASX CODE: CTP
29 November 2010
TO: The Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444
SURPRISE-1 UPDATE (EP-115) OIL SHOWS MIDDLE STAIRWAY
Central Petroleum Limited (ASX:CTP) (?Central?), as Operator has pleasure in providing this drilling update for the Surprise-1 well.
At 0600 this morning CST, the well had reached a depth of 2,501m TVD RT (True Vertical Depth from Rotary Table) and was drilling ahead at an average (last 24 hour) ROP (Rate of Penetration) of c.2m/hour. The top of the Stairway Sandstone has been interpreted at a TVD of 2,450m, some 131m higher than prognosed. The well had encountered hard silicified sandstones towards the interpreted base of the Mereenie Formation which had slowed drilling rates down considerably. The formation tops are a preliminary wellsite interpretation and subject to review as more information comes to hand.
Oil shows within very fine grained to fine grained sandstones (interbedded with siltstones and dolomites) have been recorded as follows :

2,491-2,494m trace

2,494-2,497m poor

2,497-2,499m good, with 100% natural fluorescence and rapid streaming cut, poor to fair porosity.
It is anticipated that the first primary target, the Lower Stairway Sandstone will be encountered at a TVD of c.2,581m in approximately 2-4 days from today.
Surprise-1 MB Century Rig 7
A summary of the Surprise-1 Prospect is as follows:
Prognosed Objectives: Stairway Sandstone (at 2581m KB) and Pacoota Sandstone (at 2694m KB) formations
Primary target size: 50 million bbls oil initially in place at ?high? estimate
Location: Longitude 23 degrees, 42 minutes 50.758 seconds South and Latitude 129 degrees 59 minutes 36.091 seconds East
Equity Interest: Frontier Oil & Gas Pty Ltd (a Central wholly owned subsidiary) (90% and Operator), Trident Energy Ltd (10%)
Should hydrocarbons be discovered, and the wireline logging results are positive, it is planned to evaluate the reservoir by conducting a flow test or tests.
Central will continue to update the market on Surprise-1 drilling operations as more significant information comes to hand.