Quarterly Update Presentation
Brisbane, Aug 7, 2020 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CPTLF:OTCMKTS) provide the June 2020 Quarterly Update presentation with the following key highlights for the period.
- Record annual sales volumes and revenues despite challenging market conditions in 2H
- Quarterly results reflect depressed market conditions, but demonstrate the value of our long-term, firm gas supply contracts
- Central's business is financially resilient and positioned to ride-out market cycles
- $25.9 million cash balance
- Corporate costs reduced and discretionary expenditures paused
- Proved and Probable (2P) oil and gas reserves were upgraded by 22.5 PJE (16%)
- Reached agreement with Santos on the forward plan for the Dukas exploration well
- Continued excellent safety record, with no MTIs or LTIs for more than a year
- Focus on returning to growth mode
To view the presentation, please visit:
https://abnnewswire.net/lnk/4HQ359MO
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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