Central Petroleum Limited (ASX:CTP) Quarterly Activities Report & Appendix 5B

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) provides the quarterly report for the period. The review of operations for the quarter are summarised below.

Successful completion of the four well exploration programme at the Range gas project in Queensland's SuratBasin, resulting in the certification of 270PJ of 2C contingent gas resource (135 PJ net to Central). It is anticipated that the upcoming pilot well programme and pre-Final Investment Decision (FID) activities will lead to a conversion of 2C contingent gas resource to certified 2P reserves;

The Dukas-1 exploration well in the Northern Territory's Amadeus Basin was suspended at a depth of 3,704mafter encountering hydrocarbon-bearing gas from an over-pressurised zone close to the primary target. A forward plan for Dukas-1 will be announced once formally approved by the JV;

Sale volume was 3.5 PJE, including the sale of purchased gas of 0.3 PJ. This compares to 4.0 PJE in the precedingJune quarter (including 0.2 PJ of purchased gas). The decrease in sales volume over the quarter reflects a cessation of Mereenie gas overlifting (0.4 PJ), an extended planned outage at the Northern Gas Pipeline (NGP) (0.2 PJ) and Mereenie production decline, partly offset by increases in production at the Palm Valley and Dingo fields;

Cash balance at the end of the quarter was $16.5 million (down $1.3 million from $17.8 million at 30 June2019):

Net cash flow from operations (before exploration and finance costs) was $6.6 million;

Net cash flow from operations, after exploration, interest and unallocated G&A, of $4.4 million,reflecting the lower sales revenues and various one-off costs; and

Principal repayments under debt facilities were $4.7 million with Macquarie pre-sale gas deliveries of389 TJs. Total debt repayments made to date in CY2019 have been $16.7 million and Central remainson track for total debt repayments of $21.5 million for the full CY2019; and

Subsequent to the end of the quarter, announced an exploration programme for CY2020 consisting of fivehigh-graded drillable prospects and two appraisal tests in the Amadeus Basin with funding anticipated to besourced through a farmout.

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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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