Peak Helium Farmout Agreement Termination
Brisbane, Sep 20, 2023 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) refers to the announcement dated 12 September 2023 regarding the status of the Peak Helium (Amadeus Basin) Pty Ltd ("Peak Helium") farmout.
Following Peak Helium's failure to comply with statutory demands within the period for compliance, relevant Central subsidiaries as farmor parties to the Peak Helium farmout agreement have terminated the agreement in accordance with its terms.
The relevant subsidiaries will now commence the process to have 31% in EP 82, 10% in EP 112 and 6% in EP 125 transferred back from Peak Helium, resulting in Central's joint venture interests returning to 60% in EP 82 (Mahler), 45% in EP 112 (Dukas) and 30% in EP 125 (Mt Kitty).
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.