Quarterly Activities Report
- On 2 February 2018 Central announced it had signed the drilling contract with Ensign Australia PtyLtd for the 2018 drilling campaign.
- A webinar presentation was held by the Managing Director on 8 February 2018 to discuss theQuarterly Report for the Quarter Ended 31 December 2017.
- The Financial Report for the Half-Year Ended 31 December 2017 was lodged on 26 February 2018.
- On 1 March 2018 the Honourable Dr Anthony Lynham MP announced that Central's wholly-ownedsubsidiary, Central Petroleum Eastern Pty Ltd, was the preferred bidder for Queensland acreagePLR201718-1-1 (ATPA 2031).
- Incitec Pivot Limited ("IPL") announced on 1 March 2018 that it has a Memorandum of Understandingwith Central that provides for an exclusivity period to negotiate commercial arrangements for thedevelopment of PLR201718-1-1 whereby some of this gas would be used to supply its Gibson Islandfertiliser plant and that IPL may provide up to $20 million of funding to support appraisal and drillingactivities.
- On 2 March 2018 the ACCC published a draft determination proposing to grant authorization forMereenie joint marketing arrangements between Central and Macquarie Mereenie, a subsidiary ofMacquarie Group Limited, for three years. A final determination was given by the ACCC on 29 March2018.
- The Mereenie Joint Venture approved development of the Mereenie Gas Project; drilling of WestMereenie 26 and a $12 million upgrade of the processing plant.
- Testing of the Stairway Sandstone at Mereenie from the previously drilled West Mereenie 15continues free flowing gas at sustainable rates with a low nitrogen content of 2.6%. Additionalrecompletion opportunities have been identified.
- Cash balance at the end of the quarter was $28.8 million.
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About Central Petroleum Limited
Central Petroleum Limited (ASX:CTP) 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.
Central Petroleum Limited