CTP 0.00% 7.3¢ central petroleum limited

action at last perhaps

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    Progress Report 2008 Drilling and Seismic Programme
    Central Petroleum Limited, (“Central”-ASX symbol: “CTP”) – operator of Australia’s largest onshore acreage holding – is pleased to report that the first OPCOM meeting has been had with both of its Joint Venture partners Petroleum Exploration Australia Limited (PXA) and He Nuclear Limited (He Nuclear).
    The partners approved a $31 million budget for a major seismic and drilling programme in the Northern Territory where Central controls the biggest acreage package in Australia of 60 million acres.
    The programme is as follows dependent on various contingencies:
    Firm wells April to September :
    • Blamore oil 71 MMbbls UOIIP ready to drill
    • Simpson oil 190 MMbbls UOIIP ready to drill
    • CBM 1-3 first stage exploration for 34-70 TCFG prospective recoverable resources ready to drill
    • Mt Kitty gas- Helium-condensate 3.0 TCFG, 185 BCFG Helium UGIIP ready to drill
    • Ooraminna gas-1.9 TCFG UGIIP ready to drill
    • Total undiscovered resources addressed in the firm drilling programme: 261 MMbbls UOIIP, 4.9 TCFG, 105 BCFG Helium UGIIP plus condensate credits plus first stage exploration of 34-70 TCFG CBM prospective recoverable resources exploration
    Other (Firm) :
    • 1,150 km seismic 2D acquisition completed by end April addressing addressing 17 gas and 6 oil prospects/leads with 17 TCFG UGIIP and 1.6 billion bbls UOIIP (additional to the 4 firm wells)
    • 30,000 km2 aerograv SPA 7/04-5 grant anticipated mid March, survey completed May, results August
    Contingent wells :
    • Johnstone oil 320 MMbbls UOIIP additional predrilling seismic fully mapped by June
    • Waterhouse gas 2.7 TCFG UGIIP ready to drill
    • Magee gas-Helium-condensate 60 BCFG, 4 BCFG UGIIP additional predrilling seismic fully mapped by July
    Firm programme budget
    • c.$31 M, funded by PXA/He Nuclear to c.$13 M, CTP c.$18 M
    • Start of programme late 2007 CTP $14 million in bank, planning on $7 million additional capital to cover 2008 programme plus corporate costs
    • PXA and He Nuclear to fund their promoted share of expenditure on the firm programme from inception late 2007
    (UOIIP-Undiscovered Oil Initially In Place “high” estimate, UGIIP-Undiscovered Gas Initially In Place “high” estimate SPE)
    “This programme has been gathering steam for some time but the waiting is just about over, with our first well planned to be spudded late April 2008 and the first drawdown on our rolling
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