The junior company said the interpretation of data from the prospect, which is in Amadeus Basin permit EP 125, still needed to be confirmed through further assessment.

“Final interpretation awaits depth conversion of the seismic data but early indications are encouraging,” it said.

Central said its interpretation pointed to the “strong possibility” of a 400-square-kilometre structural trap at the Heavitree Sandstone level, a play type that produced helium and wet gas in the nearby Magee-1 exploration well.

It also recognised major basement piercing thrust faults, which may have formed conduits for basement-sourced helium to migrate into the Heavitree Sandstone reservoir, Central said.

“The clear recognition of thick salt sealing lithologies above the Heavitree also gives encouragement regarding viable seal, as occurred in the Magee-1 well to the east,” it said.

“The thickness of the Heavitree target reservoir appears to be approximately 100m compared to the 6m thickness drilled at the Magee 1 well location which flowed Helium at 6.3% and wet gas to surface.”

Independent consultancy RISC and Central’s in-house staff plan to finalise the mapping and interpretation in the next few weeks.

New farm-out

In other company news, Central has signed a preliminary farm-out agreement that will see it free-carried through a seismic acquisition and three-well program in EPA 115, while keeping a 50% share and operatorship.

Under an MOU, Trident Energy will fund a $3 million seismic acquisition program and drill three exploration wells at the 20% level to earn a 10% stake in the Amadeus Basin block.

This follows two earlier preliminary farm-out deals with Petroleum Exploration Australia and Advent Energy, covering all of Central's permits, including EPA 115, under which the two farminees would each fund to the 40% level to earn a 20% interest.