Quarterly Update Presentation
- Oil oversupply and lower energy demand following COVID-19 has generated sudden and unprecedented shocks to the energy sector
- Lower quarterly revenues (18%) reflect these very depressed market conditions, but demonstrate the value of our long-term, firm gas supply contracts.
- Central's business is much more financially resilient and well-placed to ride-out market cycles
o $26.1 million cash balance, one of Central's highest ever quarter ending cash balances
o Loan maturity extended to September 2021 and low debt service requirements
o Corporate costs reduced and discretionary expenditures paused
- Focus now on returning to full growth mode ASAP
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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