News: Central Petroleum to finalise placement

Central Petroleum (ASX:CTP) has been granted additional time by the ASX to finalise a placement.

The additional time comes in the form of a voluntary suspension, which the company it said expects to lift before the opening of trade on Wednesday 24th September 2014.

Earlier this month CTP began drilling of the Gaudi-1 well in central Australia.

Gaudi-1 is the second well in a program of unconventional gas exploration wells operated by Central in partnership with Total.

The primary objective is the Lower Arthur Creek Formation, which will be fully cored and sampled for gas desorption and reservoir properties, in addition to a logging program to evaluate hydrocarbon resource potential.

Gaudi is expected to be drilled to a total depth of 2,900 metres.