Mereenie Update
ASX:CTP) ("Company" or "Central") advises that the Ensign Rig is expected to be fully at the site at Mereenie by next week. The rig crew have been selected with the site preparation continuing apace. It is anticipated that West Mereenie-26 will be spudded on 20 to 21 April and the drilling will take 35 to 40 days. The $12 million ($6 million Central's share) Mereenie plant upgrade remains within budget and on time for being available by 1 December, the date by which the Northern Gas Pipeline is assumed to be operational.
In addition, the Company has negotiated an extension of the existing debt facility with Macquarie of an additional $5 million.
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.
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