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Central Petroleum Provides Update on its Upstream Assests in Australia

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Central Petroleum Limited (Company or Central) announced Tuesday that after completing acquisition of Palm Valley and Dingo gas fields near Alice Springs from Magellan Petroleum Australia Monday, the company provided the following update on its other properties in Australia.

Surprise West

The first 7 days of production at Surprise West in Northern Territory was 3,668 barrels or 524 barrels of oil per day (bopd) average. Whilst the down hole pump has been successfully installed it will not contribute to the production rate until the average approaches 450 bopd.

Further to the issuance of the Production License, the earthworks necessary for the installation of the additional storage tanks and ancillary equipment has been completed. The Company expects that these storage tanks and ancillary equipment will be fully operational in May.

Surprise East

As advised, circumstances required Central to give up our March drilling slot in February and we now expect that the rig will become available in the second half of the April Quarter.

Mt Kitty

The Santos operated Ensign 918 drilling rig mobilized to Mt Kitty in Northern Territoty. After completing a planned routine maintenance the rig commenced rigging up on the well. The initial drill out of the 9.625 inch casing shoe that had previously been set at 2,575 feet (785 meters) has been completed and the rig is preparing to drill ahead to a planned TD at 6,670 feet (2,033 meters).

Southern Georgina Joint Venture

Despite extensive flooding around the expected drill sites in February and March the Company still anticipates drilling to commence in the second half of the April Quarter in Queensland.

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