Annual Results
Brisbane, Sep 19, 2023 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) today released its Annual Report for the financial year ending 30 June 2023.
Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) was $15.7 million, on revenues of $39.3 million which reflected strong oil and gas prices. Net loss after tax was $8.0 million, including $13.1 million of exploration expenses.
Highlights for the financial year
- Solid operating results
o Sales revenues of $39.3 million
o Underlying EBITDAX of $15.7 million
o Full year statutory loss of $8.0 million after exploration costs of $13.1 million
- Average sales prices were up 17% on FY2022 at $7.90 / GJe.
- New production brought online
o The Palm Valley 12 well was successfully drilled, completed and tied into the Palm Valley processing facilities and flowed gas to market from late November 2022 at greater than 10 TJ per day.
- Upgrade of gas reserves
o An additional 5.9 PJ of Proved and Probable (2P) gas reserves were added at 30 June 2023, an increase of 8% (before production) to 75 PJe
o Increase reflects drilling and production results at Palm Valley and updated Dingo reservoir modelling.
- New gas sales agreements
o Shell Energy for supply of 0.91 PJ of gas in CY2025; and
o South 32 for supply of 0.55 PJ of gas over two years from 1 January 2023.
- In August 2023, a non-binding MOU was agreed to progress towards a final investment decision for construction of a helium recovery unit at Mereenie, which if successful would demonstrate the potential of the Amadeus Basin as a world-class helium resource.
Central's CEO and Managing Director, Leon Devaney said, "Our producing fields continue to supply gas into strong markets and we are optimistic that high value helium can also be produced from these fields, opening a new revenue stream".
"I expect the next year to be a period of key milestones and decisions for the Company, and remain confident that the value of our existing production and brownfield development opportunities will become increasingly visible", he said.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O3VMUB7E
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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