Central Petroleum Limited (ASX:CTP) Awarded Preferred Tenderer for Queensland Permit

Today, The Honourable Dr Anthony Lynham MP announced that Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Central" or "Company") wholly owned subsidiary Central Petroleum Eastern Pty Ltd was the preferred bidder for the Queensland Government's tender for acreage (PLR201718-1-1) dedicated to domestic market. Please see map at Attachment 1 (see link below). Central applied for the acreage by partnering with Incitec Pivot Limited (ASX:IPL) a manufacturer of fertilisers and industrial chemicals, and significant consumer of natural gas. It is contemplated that the acreage would be developed in support of the long term viability of IPL's Gibson Island fertiliser facility in Queensland. As part of the arrangements being negotiated, Central and IPL are seeking to establish a 50:50 joint venture for the acreage with IPL providing up to $20 million of funding for exploration and appraisal of the acreage.

"This award of acreage is designed to provide a pathway to preserving the Queensland manufacturing industry and to stimulate exploration in Queensland," said Richard Cottee, Managing Director of Central Petroleum Limited. "This year promises to be a year of exponential growth for Central with its drilling program in the Amadeus, the upgrade of the processing plant, and this exploration in Queensland."

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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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Central Petroleum Limited