Operating Activities Report
- Central and Incitec Pivot Limited ("IPL") entered into a Gas Sales Agreement whereby Central willdeliver at least 20 TJ/d of gas to IPL on an ex-field basis from its Palm Valley and Mereenie fields fromcommencement of commercial operations of the Northern Gas Pipeline (anticipated to be December 2018) until 31 December 2019.
- Central and IPL have agreed a 50:50 joint venture arrangement for ATP(A) 2031 in Queensland whereby IPL will contribute up to $20 million for appraisal drilling costs during the initial exploration period.
- A webinar presentation was held by the Managing Director on 9 May 2018 to discuss the Quarterly Report for the Quarter Ended 31 March 2018.
- Mr. Martin Kriewaldt was appointed the new Chairman of Central Petroleum Limited effective 14 May 2018 following Mr. Robert Hubbard's retirement from the Central Board.
- The West Mereenie 26 well spudded at 7:45pm on 22 May 2018 with the Stairway formation as the primary target.
- Cash balance at the end of the quarter was $27.2 million.
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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