Drilling Continues at Gaudi-1 Unconventional Gas Well in Queensland

Central Petroleum Limited (Company or Central), as Operator of the Southern Georgina Joint Venture, advised Monday that coring at Gaudi-1 unconventional gas exploration well in ATP909 in Queensland, Australia continues having reached a depth of 7,076 feet (2,157 meters) in the Lower Arthur Creek Formation. There have been 8 cores taken to date representing over 10 percent of the total expected to be taken for Gaudi-1. With the Southern Georgina Joint Venture evaluating the unconventional shale gas potential of the Arthur Creek formation, coring is a precursor to the design of production wells.

The objective of the Gaudi-1 well is to place into sealed canisters cores of the shale or siltstone with the gas still embedded for desorption analysis (i.e. the rate at which gas will be released from the host rock) giving the gas content. The fact that the cores are desorbing (releasing) gas is a positive early sign. Results of the desorption analysis will be released as soon as they are known.

Separately, Central announced it has reached agreement with IOR Transport Pty Ltd for the domestic transportation of the crude produced at Surprise West in Amadeus Basin, Northern Territory. This new arrangement will cut the costs of transportation by over 20 percent.

Production at Surprise has remained stable at around 180 barrels of oil per day (bopd) with the last 2 weeks averaging 175.6 bopd with a water cut of 15.6 percent.

“As all of our costs are in Australian dollars, the weakening of the Australian dollar against the US dollar and the over 20 percent reduction in our transportation costs has essentially preserved the economics of the Surprise West field” said Richard Cottee, Managing Director of Central.

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