Quarterly Activities Report
Brisbane, April 30, 2018 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) provides the Company's Quarterly Activities Report.
HIGHLIGHTS
- 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.
To view the full report, please visit:
http://abnnewswire.net/lnk/7TKU18Y6
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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