Mereenie Acquisition Completed
Brisbane, Sep 1, 2015 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) announced that the acquisition by Central of a 50% interest in the Mereenie Oil and Gas Field has been completed today and accordingly Central has assumed operatorship of that field from Santos.
Mereenie is considered the largest conventional oil and gas structure discovered onshore Australia and together with reserves at Palm Valley and Dingo it allows 230 PJ of gas to be available to be marketed by Central for the Northern Territory Gas Interconnector ("NEGI").
"The acquisition of Mereenie completes Central's transition to a predominantly domestic gas producer allowing it to become an initial producer into NEGI. The Domestic Gas Price has risen considerably since both QCLNG LNG trains came onstream. Fields under Central's operatorship should be the majority contributor of gas into NEGI and Central itself may well be the single largest contributor. Central believes that the acquisition of Mereenie adds to the certainty of NEGI being announced next quarter allowing Central to benefit substantially from the rising gas price," said Richard Cottee, Central's Managing Director.
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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