Not sure if this has been posted but anywayExploration Company...

Not sure if this has been posted but anyway

Exploration Company excited as sweet crude flows.


By Gail Liston

Posted January 13, 2012 14:14:29

A fuel exploration company says it has made the biggest oil discovery in the Northern Territory in more than 50 years.

Central Petroleum managing director John Heugh says exploratory drilling only started in December.

The field is 300 kilometres west of Alice Springs in the Amadeus Basin.

Mr Heugh says the Surprise-1 well is off to a good start, pumping out 402 barrels a day.

"This is the first horizontal well to produce oil onshore in Australia, ever," he said.

"It is also the most significant oil discovery in central Australia over the last 50 years, since the discovery of oil in the Mereenie field in the mid-1960s.

"There has been no other flowing oil that has come to the surface in the Northern Territory onshore since the mid-1960s."

The field covers about 20 square kilometres and is near Kintore.

Mr Heugh says the well is producing light sweet crude with a water content of less than four per cent.

"The importance of light sweet crude is simply that this sort of oil ... is a very marketable product," he said.

"We can sell that sort of oil on the spot market almost instantly.

"It is a great result."


http://www.abc.net.au/news/2012-01-13/20120113-central-petroleum-oil-discovery/3771818?section=business