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Main ForumCTP: Five billion dollar estimate for central Australian oil and gas resources.

  • I have held CTP for several years and it looks like the trip will be worthwhile. Today's ASX release makes CTP a bit of a standout. CTP's current market cap is ~$60m

    Five billion dollar estimate for central Australian oil and gas resources.

    Two new reports on the unconventional oil and gas resources in Central
    Petroleum?s vast Northern Territory acreage have estimated their value as
    high as $5 billion dollars.

    The higher estimate, by Perth?s Holt Campbell Payton consultancy, also
    identified a Darwin-based gas to liquid plant as an attractive option.

    A second report, by geologist David Warner of DSWPET, suggested a value
    of $412 million based on transactions in unconventional acreage to date in
    Australia and anticipated fully risked EMV values- but added that this
    valuation will need to be re-visited as more exploration is done for
    unconventionals in central Australian basins.

    DSWPET forsees a pipeline-delivered cost, in Darwin, of $5.50 per thousand
    cubic feet for gas based on a fully risked 5 TCFG and 250 million barrels of
    oil recoverable based on fully risked gas and oil prospective resources.

    A recurring factor in both reports is the fact that the unconventional
    petroleum sector is virtually unknown in Australia, whereas in North America
    it has become a major factor in the continent?s fuel supplies.

    Recent success by Beach Oil in the Cooper Basin has encouraged confidence
    however in the potential success of unconventional fuels as a major factor in
    future oil and gas supplies for Australia?s needs, and as valuable long-term
    export commodities.

    Central Petroleum CEO John Heugh, in releasing the reports, pointed to the

    benefits indicated in the report: Australia's government is acutely aware that
    oil and gas are currently costing the country a $16 billion deficit in the
    import/export equation, which will double by 2015 unless more is done,
    quickly, to exploit more home-grown fuel.

    As an added bonus, the gas to liquid process uses most of its available
    carbon, leaving a very small carbon footprint, so there is a double benefit of
    low pollution and a low potential carbon tax cost in the future, he concluded.

    Full reports are attached to the ASX announcement.

    For further information contact:
    John Heugh, Central Petroleum
    Tel: +61 8 9474 1444 or
    Ray Beatty, Corporate Writers
    Tel: +613 9224 5272, M: +61 409 174 565

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