Central Updates on Drilling at Gaudi-1 Well in Permit ATP909 in Queensland

Central Petroleum Ltd. (Company or Central), as Operator of the Southern Georgina Joint Venture, advised Wednesday that the Gaudi-1 unconventional gas exploration well in ATP909 in Queensland, Australia has completed coring from 6,906 feet (2,105 meters) through the Lower Arthur Creek Formation (LAC) and Thorntonia Limestone, and reached total depth of 7,972 feet (2,430 meters) in basement. Gas shows were recorded whilst coring through the LAC.

A total of 66 core segments were placed into sealed canisters for desorption analysis, from which the gas content of the LAC can be determined. A gas peak was recorded near the base LAC, apparent coincident with observed natural fractures.

Forward operations are to conduct a comprehensive wireline logging program, and case and suspend the well ahead of the wet season.

Integration of core and log data will progress understanding of the unconventional potential of the LAC, and facilitate the design of a potential production testing program. The Southern Georgina Joint Venture is currently in the early stages of the “Evaluate’ phase.

Central Petroleum Managing Director, Richard Cottee said, “Central is encouraged by the preliminary results of Gaudi-1, where a thicker than anticipated sequence of Lower Arthur Creek formation has been intersected and is desorbing gas.”

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