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Central Petroleum eyes Surprise-1 re-entry with three wells in September

Central Petroleum (ASX: CTP) has set the wheels in motion to re-enter Surprise-1 in the Amadeus Basin after signing a Letter of Intent with the Australian Drilling Services.

Central intends to contract Australian Drilling’s Rig 6, subject to satisfaction of certain conditions, for the planned drilling of up to three wells to commence in mid-September 2011.

The wells will test Surprise-1 for oil potential in both conventional and unconventional horizons, followed by the drilling of the 4 Billion barrel Madigan prospect (P50 UOIIP) in the Pedirka Basin and the 2 TCFG Mt Kitty prospect (P50 UGIIP).

Central said the Mt Kitty prospect is anticipated to host condensate as well as helium, a valuable gas originally discovered in the sub-salt Magee prospect in the Amadeus Basin in 1992 (Magee-1).