Dingo Gas Pipeline On Time, Under Budget, Begins Final Hydro-Testing
Brisbane, Feb 25, 2015 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydro-testing which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.
On present indications, the Dingo Project (including plant and pipeline construction) will be on time and close to 10% below the budget provided under the financing facility limits. This also means Central will retain more than $2.5 million in undrawn facilities which Central may be able to access.
"Given the remoteness of our operations and the present economic climate in which we operate, it is a real achievement to bring in this company-critical project on time and substantially below the Macquarie Facility limits", said Richard Cottee, Managing Director of Central.
"The development of Dingo is an important milestone in the strategy of making Central a significant gas producer for the Australian domestic market which is substantially quarantined from oil price fluctuations", he said.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. 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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