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Central Petroleum Ltd, Interim Report 31 December 2011

Review of Operations
The Company’s focus for the half year was twofold:

- preparing for and executing the re-entry and drilling and testing of the Surprise-1 RE H (“S1REH’) well in EP115 [Central Petroleum Limited 100%]; and

- continuing with the interpretation of seismic and other data to develop exploration plays throughout the Company’s acreage and to establish optimal drilling locations on the Simpson East, Madigan and Mt Kitty structures.

Surprise-1 re-entry and horizontal drilling

The Surprise-1 well which had been drilled in December 2010 was re-entered on 18 November 2011 using Hunt Rig #3 and on 29 November 2011 the well had reached a depth of 2,672 metres (“m”) from the rotating Kelly bushing (“RKB”) in the Pacoota Sandstone.

Drilling began following re-entry of new Lower Stairway Formation at the base of the previously cored zone. Fair to good oil shows accompanied by background gas up to a 75 unit peak with high “heavy” gas components were reported through the base of the Lower Stairway Sandstone which continued from the 9m core previously cut in December 2010.

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