Quarterly Activities Report
Brisbane, July 28, 2023 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) Reserves upgrade at Palm Valley and Dingo fields: Proved and Probable (2P) reserves total 75 PJe, an upgrade of 8% (before production) as a result of the successful Palm Valley 12 well and updated modelling for the Dingo field.
Sales volumes:
o June quarter: 1.3 PJe (Petajoule equivalent) were slightly lower than the prior quarter, down 4% largely due to a temporary outage of the Northern Gas Pipeline in April.
o FY2023: 4.8 PJe, down 3% on a like-for-like basis from FY2022, reflecting temporary outages of the Northern Gas Pipeline during the year.
- Unit sales prices continue to reflect strong demand in northern gas markets, with average realised prices across the portfolio higher than in previous periods:
- June quarter: $8.37 / GJe (Gigajoule equivalent) improving 2.8% from the previous quarter.
- FY2023: $7.90 / GJe, 17% higher than FY2022.
Sales revenue:
o June quarter: $10.7 million, down 1.4% on the prior quarter, reflecting the lower volumes, largely offset by higher average gas prices.
o FY2023: $38.2 million. On a like-for-like basis, higher gas sales prices resulted in revenues increasing 12% from FY2022. An additional $1 million released from take-or-pay contract provisions will also be recognised as revenue for the first time this year.
- Positive operating cash flow after debt service and before exploration of $1.2 million this quarter.
- Cash balance at the end of the quarter was $13.8 million, compared to the $14.2 million balance at 31 March 2023. Key cash flows included:
- Net operating inflows of $3.4 million (before exploration and finance costs) reflect the continuing steady sales volumes and increasing prices.
- Exploration expenditure of $1.6 million.
- Net finance payments of $1.8 million.
- $0.4 million of capital expenditure, being mainly sustaining CAPEX
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/K6NC386Y
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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