Quarterly Update Presentation
Brisbane, May 14, 2020 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CPTLF:OTCMKTS) provide the Quarterly Update Presentation.
- Oil oversupply and lower energy demand following COVID-19 has generated sudden and unprecedented shocks to the energy sector
- Lower quarterly revenues (18%) reflect these very depressed market conditions, but demonstrate the value of our long-term, firm gas supply contracts.
- Central's business is much more financially resilient and well-placed to ride-out market cycles
o $26.1 million cash balance, one of Central's highest ever quarter ending cash balances
o Loan maturity extended to September 2021 and low debt service requirements
o Corporate costs reduced and discretionary expenditures paused
- Focus now on returning to full growth mode ASAP
To view the presentation, please visit:
https://abnnewswire.net/lnk/G6IP5T93
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.
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