Central Petroleum a step closer to hydrocarbon estimate after appointing Ryder Scott Company

Central Petroleum (ASX: CTP) continues towards unlocking the vast potential of the Amadeus Basin with the appointment of the Ryder Scott Company.

Ryder Scott will prepare an estimate of the potential hydrocarbon resources attributable to Central Petroleum’s extensive interests in the basin.

An estimate will also be conducted on the company's interests in the Pedirka Basin, the Wiso Basin and the Southern Georgina Basin.

The main reason for the estimate is in preparation of Central Petroleum listing on the TSX Venture Exchange.

John Heugh, managing director of Central Petroleum commented, “We are pleased to have appointed Ryder Scott and look forward to receiving their estimates which we anticipate will further confirm the fundamental prospectivity of the areas which Central operates in Central Australia.”

Ryder Scott is one of the few large, established consultants that issues reserves and resources certifications considered to be consistently reliable by the financial community at large, including commercial, investment, development and mezzanine banks - as well as private investment groups.

In some other recent very interesting news for Central Petroleum, last week the company received a Strong BUY from Bakers Investment Group - with a short term price target of $0.48, around six times the current price of $0.081.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18127/central-petroleum-a-step-closer-to-hydrocarbon-estimate-after-appointing-ryder-scott-company--18127.html