Quarterly Activities Report
Brisbane, April 30, 2020 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CPTLF:OTCMKTS) provide the Quarterly Activities Report for the period ending March 2020.
Highlights
- Cash balance at the end of the March quarter (the quarter) was $26.1 million, up $11.2 million from $14.9 million at 31 December 2019. This is one of the Company's highest ever quarter ending balances:
- $7.5 million net cash flow from operations (before exploration and finance costs), including annual take-or-pay receipts of $3.2 million.
- $5.6 million in net cash flow from operations (after exploration and finance costs).
- $7.7 million received as a final settlement for unspent expenditure associated with the conclusion of the farm-out of a 50% interest in the Range Gas Project on 1 January 2020.
- Principal repayment under debt facilities was $1.0 million, Macquarie pre-sale gas deliveries totalled 432 TJ, and the return of previously over-lifted gas totalled 449 TJ.
- Sales volumes totalled 2.7 PJE (Petajoule equivalent), down 27% from 3.7 PJE in the December quarter reflecting historically weak spot gas market conditions for uncontracted production.
- Sales revenues totalled $15.3 million, down 17.6% from $18.5 million in the December quarter, reflecting lower spot gas sales, underpinned by fixed price contracted gas sales with take-or-pay provisions.
- Unit sales price across the portfolio increased to an average of $5.76/GJE, up 15% from $5.03/GJE in the December quarter, reflecting first deliveries under a new gas supply contract that commenced on 1 January 2020.
- Macquarie loan facility was proactively extended in February from 30 September 2020 to 30 September 2021.
- Work on the Range Gas Project has been paused until operating and market conditions improve. The pilot well programme and pre-Final Investment Decision (FID) activities were progressed during the quarter and remain ready for a quick restart.
- Commenced a process to farm-out assets to fund a significant exploration programme, with very encouraging initial due diligence activity and discussions progressing with several credible parties.
"We witnessed unprecedented upheaval in energy markets this quarter, and while we have not been immune to the impacts, this quarter's results illustrate the resilience of our operating assets which continue to generate positive cash flow from long-term, fixed price gas contracts.
We have taken prudent steps to conserve resources and preserve value by extending our finance facility and deferring discretionary expenditure so that Central can emerge from these extraordinary conditions, strong and ready to take full advantage of the inevitable recovery in energy markets and the opportunities that will present."
Central Petroleum MD and CEO, Leon Devaney
To view full quarterly report, please visit:
https://abnnewswire.net/lnk/6HNFSK5G
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is an established ASX-listed Australian oil and gas producer (ASX:CTP) with exploration and appraisal permits in the Northern Territory (NT). Central has grown to become the largest onshore gas operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.
Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 169,112 km2 of tenements the NT, including some of Australia's largest known onshore conventional gas prospects in the Amadeus Basin.
| ||
|
