Peak Helium Farmout Agreement Termination
Brisbane, Sep 20, 2023 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CNPTF:OTCMKTS) refers to the announcement dated 12 September 2023 regarding the status of the Peak Helium (Amadeus Basin) Pty Ltd ("Peak Helium") farmout.
Following Peak Helium's failure to comply with statutory demands within the period for compliance, relevant Central subsidiaries as farmor parties to the Peak Helium farmout agreement have terminated the agreement in accordance with its terms.
The relevant subsidiaries will now commence the process to have 31% in EP 82, 10% in EP 112 and 6% in EP 125 transferred back from Peak Helium, resulting in Central's joint venture interests returning to 60% in EP 82 (Mahler), 45% in EP 112 (Dukas) and 30% in EP 125 (Mt Kitty).
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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