Central Petroleum Limited (ASX:CTP) Mereenie Update

Central Petroleum Limited (ASX:CTP) ("Company" or "Central") advises that the Ensign Rig is expected to be fully at the site at Mereenie by next week. The rig crew have been selected with the site preparation continuing apace. It is anticipated that West Mereenie-26 will be spudded on 20 to 21 April and the drilling will take 35 to 40 days.

The $12 million ($6 million Central's share) Mereenie plant upgrade remains within budget and on time for being available by 1 December, the date by which the Northern Gas Pipeline is assumed to be operational.

In addition, the Company has negotiated an extension of the existing debt facility with Macquarie of an additional $5 million.


About Central Petroleum Limited

Central Petroleum Limited (Central) is a well-established, and emerging ASX-listed Australian oil and gas producer (ASX:CTP). In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.

Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.

We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.

 

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