Central Petroleum Limited (ASX:CTP) ("Company" or "Central") announces that its wholly-owned subsidiary Central Petroleum Eastern Pty Ltd has been formally granted an Authority to Prospect for the prospective Queensland Surat Basin coal seam gas acreage (ATP 2031), covering 77km2 approximately 28km north-west of the town of Miles (the "Queensland Acreage").

Central was announced as preferred bidder for the Queensland Acreage on 1 March this year and on 25 June agreed a 50:50 joint venture arrangement with Incitec Pivot Limited ("IPL") in respect of this acreage. Under the arrangements in place, IPL will fund up to $20 million for the exploration program.

This award, which is dedicated to the domestic market, represents a further step in Central's focus in exploring and appraising potential gas resources in an effort to bring new gas supply to the east coast market to provide certainty to Australia's manufacturing industry.

Central looks forward to continuing its gas growth strategy and becoming a major gas supplier into the east coast market.


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: GRANT OF ATP 2031


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