Today, The Honourable Dr Anthony Lynham MP announced that Central Petroleum Limited (ASX:CTP
) ("Central" or "Company") wholly owned subsidiary Central Petroleum Eastern Pty Ltd was the preferred bidder for the Queensland Government's tender for acreage (PLR201718-1-1) dedicated to domestic market. Please see map at Attachment 1 (see link below). Central applied for the acreage by partnering with Incitec Pivot Limited (ASX:IPL
) a manufacturer of fertilisers and industrial chemicals, and significant consumer of natural gas. It is contemplated that the acreage would be developed in support of the long term viability of IPL's Gibson Island fertiliser facility in Queensland. As part of the arrangements being negotiated, Central and IPL are seeking to establish a 50:50 joint venture for the acreage with IPL providing up to $20 million of funding for exploration and appraisal of the acreage.
"This award of acreage is designed to provide a pathway to preserving the Queensland manufacturing industry and to stimulate exploration in Queensland," said Richard Cottee, Managing Director of Central Petroleum Limited. "This year promises to be a year of exponential growth for Central with its drilling program in the Amadeus, the upgrade of the processing plant, and this exploration in Queensland."
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About Central Petroleum Limited
Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) is an oil and gas explorer and producer listed on the Australian Securities Exchange focused on supplying the domestic gas market. Central is advancing several separate projects across what is regarded as the biggest package of proven and prospective oil and gas acreage across central Australia. This spread of assets gives Central multiple options for growth and development. 88% of this land being gas prone has led to the Company's focus on becoming a major domestic gas producer.
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