Central Petroleum receives boost from WA Geological Survey on potential of Amadeus Basin ground

Central Petroleum (ASX:CTP) has reported that a new study led by the Geological Survey of Western Australia (GSWA) has highlighted the potential prospectivity of Central's three Western Australian Amadeus Basin permit applications EPAs 16/08-16,17 and 18.

Central said that conventional wisdom in the industry has held for decades that the area was not prospective but Central was sceptical of this view and made application in the area for over 35,000 km2 in Special Prospecting Authority (SPA 704.5) in 2008.

Central completed a large scale aeromagnetic/gravity survey in SPA 704.5 and has been progressing with the negotiations for the granting of three consequent PEPAs totalling 33,890 km2 since 2009.

Managing director of Central John Heugh said today, “Central’s original review of the potential of the far western Amadeus Basin concluded that Aralka and Pertatataka Formation source rocks would occur in the target area.

The fact that the Western Australian Geological Survey has proven their existence in the western Amadeus Basin is very encouraging for the prospectivity of the area and confirms the Company’s geological rationale behind the original applications.”

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20580/central-petroleum-receives-boost-from-wa-geological-survey-on-potential-of-amadeus-basin-ground-20580.html