Palm Valley and Dingo Acquisition Completes
Perth, Mar 31, 2014 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") has completed the purchase of the material onshore assets of Magellan Petroleum Australia ("Magellan") consisting primarily of the Palm Valley and Dingo fields near Alice Springs.
Central Petroleum Managing Director, Richard Cottee said, "With acreage holdings entirely surrounding the Palm Valley and Dingo gas fields, this acquisition positions Central to step-out and integrate production facilities and pipelines within the region and take advantage of economies of scale created by exploration success".
"Central welcomes Magellan as its largest shareholder with around 39.5 million shares (approximately 11.4%) and in particular Central's board looks forward to benefiting from the expertise of Mr J. Thomas Wilson as a new director (being the director nominated by Magellan)" he said.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-672583.pdf
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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