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Central Petroleum Limited, Updated Report Bakers Group Research

SUMMARY

This report is an update to the earlier report on Central Petroleum Limited (ASX:CTP) issued in July 2011 and should be read in conjunction with that report.

CTP is a junior exploration and production company with extensive granted and pending tenement acreage in Central Australia, predominately in the Northern Territory totalling over 70 million acres, almost entirely 100% net owned. Within this acreage large resources of oil, natural gas, helium and coal have been identified and/or inferred by independent geological assessment. These resources are located within four main geological structures; the Amadeus, Pedirka, South Georgina basins and the Lander Trough of the Wiso Basin.

On 11 January 2012, CTP announced significant oil flows from its Surprise-1 Re-entry H (S1REH) well. The oil flow from the S1REH was tested at 380 barrels per day of “light sweet crude” with an API Gravity averaging 40 Degrees, with some prospects for a further increase in flow-rate. This is the first horizontal well completion in Central Australia producing oil and the first onshore discovery well in the Northern Territory producing significant oil flow for more than fifty years. The company is seeking to finalise a sales agreement and within the next two to three months finalise the arrangements for an Extended Production Test. CTP is also considering its options for a second well and advancing its previously announced timetable.


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