To Pursue Separate Listing of Coal Assets
Perth, April 27, 2012 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) advises that it is currently investigating options to maximise shareholder value of its extensive early stage coal discoveries in central Australia through a separate listing of these assets.
Central's extensive coal discoveries in the Pedirka Basin have the potential to be highly valuable; however, the market currently assigns little value to them. There is a supportive market sector for investors of early stage coal exploration companies and given Central's oil & gas focus, the Company is of the view that its coal assets are not achieving market visibility or the specialist attention required to move them towards potential commercialisation.
The coal assets have significant potential which require a dedicated focus. The proposed separate listing of the coal assets would have its own board of directors, experienced coal management team and funding capabilities, yet most importantly, still provide Central shareholders exposure to the coal assets though a retained equity interest.
Further details of the coal restructure will be provided to the market in the near future.
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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