Central Petroleum’s Surprise-1 demonstrates potential ability to flow oil
Central Petroleum Limited
(ASX:CTP) (“Central”), as Operator is pleased to provide the following update for core analyses on core taken from the Surprise-1 well.
Analysis commenced prior to the seasonal Christmas drilling break has produced very positive news for Central Petroleum. At the Surprise-1 exploration well, a 9m core was cut over the interval 2546.2 m to 2553.0 m to investigate oil and gas shows intersected in the top of the lower Stairway Sandstone.
The core did indeed reveal excellent live oil shows indicating possible high oil saturations. Small quantities of oil were also recovered from the mud system. Although the absolute oil saturation of the formation remains unknown due to probable oil losses during core retrieval, transport and storage coupled with filtrate invasion, the permeabilities of the cored zone indicate the possibility of as much as approximately 1,000 barrels of oil per day being available from the cored zone alone. Porosities and permeabilities were measured from the actual core itself and as such are relatively accurate while absolute oil saturations can only be estimated or assumed from visual observation until the zone is re-entered and electric logs, pressure and flow data are recorded.
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