what an opportunity - an npv of 50c per well, page-9

Hi Grange, from the latest Quarterly, page 4, Phase 2 target table. Johnstone-1, targeting 500mill UOIIP "Similar target to Mereenie Oilfield structure."



This from CTP website, exploration section.

http://www.centralpetroleum.com.au/exploration.php

"Amadeus Basin Johnstone Oil Prospect EPA 115 (subject to grant)
The Johnstone Prospect is a combined hanging wall and sub-thrust (footwall) prospect located near the northwest margin of the Amadeus Basin with an estimated depth to primary target of only 1,800m making this prospect a relatively shallow target for oil estimated to be in the range of P50 best to P10 high potentially recoverable of 12 to 112 MMbls.

Total closure area at high level is thought to be about 55 km2 and the structure represents a robust target worthy of further evaluation and probably drilling. A total of some 50-line km of modern seismic is recommended in addition to the available coverage of two earlier vintages of seismic.

The Ordovician Pacoota Sandstone (which hosts the majority of oil at the Mereenie Field and gas at both the Mereenie and Palm Valley fields) is the primary reservoir objective with secondary objectives in the younger Ordovician Stairway Sandstone, the older neo-Proterozoic Arumbura Sandstone and Cambrian Cleland Sandstone.

The Horn Valley Siltstone, although probably thinner than that at the Mereenie field, is thought to represent a good seal and a source rock with increased oil prone maceral composition and generally richer in a westerly direction from the Mereenie producing field about 100 km to the east. Good sealing qualities may be anticipated in the updip fault as there appears to be salt diaper just north of the prospect. Thermal maturation studies indicate that the source rock will be within the oil window between 500 m and 1500 m depth and the Pacoota Sandstone has shown evidence of becoming cleaner and more porous in a westerly direction away from the producing Mereenie field.

Evidence of potential Direct Hydrocarbon Indicators (DHIs) may have been found in both the eastern and western culminations with several stacked flat spots and possible velocity pulldowns."