Quarterly Activities Report
- 2018 Annual Report was released on 28 September 2018 with sales revenue and underlying EBITDAX increasing by 41% and 395% respectively over the prior year.
- Cash balance at the end of the quarter was $22.1 million and combined with undrawn debt facility remains sufficient to fund the anticipated costs of current activities.
- WM26 was completed, with minor gas shows attributed to mineralisation. Whilst the result was disappointing, we will undertake a technical review to identify alternative approaches to make the stairway target commercial.
- Palm Valley 13 encountered encouraging gas flows and the well will be tied in to production facilities in early 2019.
- Mereenie expansion project continues to progress towards a completion date in early December.
- Palm Valley restart and optimisation project continues to progress towards a restart date by late October / early November.
- Dingo water bath heater installed, reducing methanol consumption.
- Queensland CSG exploration acreage (ATP 2031) awarded and is now being progressed with drilling anticipated in 2019.
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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