Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("the Company" or "Central") has been advised by the ACCC this morning that:

1) the ACCC has today published a draft determination proposing to grant authorisation for Mereenie joint marketing subject to the following conditions:

- a 3 year time limit (in which gas supply agreements can be collectively negotiated); and

- a time limit of 31 December 2028 on the term of gas supply agreement that are sol collectively negotiated.

2) the ACCC will today publish a determination to grant interim authorisation, such that it will be possible for the applicants to proceed to collectively negotiate immediately from that decision (subject to any gas supply agreements being conditional on final grant of authorisation and the conditions proposed for authorisation as noted above).

Central will convene a joint venture meeting as quickly as possible to seek approval of the joint venture to allow the drilling at West Mereenie-26 to go ahead as scheduled, as well as the plant upgrade aimed at increasing processing capacity to around 63 TJ/d gross, of which 4 TJ/d will be used as fuel gas.


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.

 

Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969



Link: ACCC APPROVES JOINT MARKETING


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