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Central Petroleum’s Surprise-1 well increases oil flow rate

Central Petroleum (ASX: CTP) has increased the sustained flow rate of the Surprise-1 Re-entry H well by 20% in further flow testing.

In the most recent flow test, the well flowed at 380 barrels per day, up from the 300 barrels per day announced yesterday.

This had a low 4.4% drilling fluid and/or water cut, down from 8% yesterday.

Flow testing at Surprise-1 has returned the first significant onshore oil flow in the Northern Territory in nearly 50 years.

It is also central Australia’s first ever horizontal well completion to produce oil.

The well has been temporarily shut in for pressure build analysis. So far the well has reached more than 520 pounds per square inch (NYSEARCA:PSI) and is increasing at 1.5PSI per hour.

Oil flowed to date will be analysed and an interim reservoir analysis conducted to determine the best flow regime to extend the current well test program.

Importantly, the oil flowed from Surprise-1 is a light sweet crude with an API Gravity averaging 40 degrees and no evidence of hydrogen sulphide.