Well it's not far off ann the area's to be drilled 6-10 wells; the report this quarter of seismic results in 909 911 912.
Data from the seismic will now be processed with the results becoming available for interpretation in the first quarter of 2014.
A lot will have been learnt from Petrofronter/Statoil in their adjacent area's to CTP's
“Most of the 23 wells drilled to date over the southern section, have reported numerous oil, bitumen and gas shows.” “In particular, the Basin’s Arthur Creek Shale Formation is an extremely organic rich shale and regionally extensive.
“Its Total Organic Content (TOC) of up to 16% suggests it is a very rich oil source and compares more than favourably with the oil generative potential qualities of the Bakken Shale in the United States and Canada.”
The report says that up to 43 billion barrels of oil may have migrated through the 14,000 km2 of ATPs 909, 911 and 912 – Central Petroleum’s permit application areas in the Basin’s southern extension in far west Queensland.
“Based on a conservative assumption that up to 1.5% of this migrated oil may have been trapped in fractures, the area’s potential within our footprint could be as high as 650 MMbbls (UOIIP) in unconventional play types alone,” Mr Heugh said.
“There is not enough data as yet to postulate how much of this could be recoverable or not, and in particular, what drive mechanisms may be available to facilitate extraction.
Well we know fraccing will do part of the job .
Along with Total must have seen seismic to date to boost stage 1 by 35 million all up 90 million stage one .
CTP Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
