Production Transport at Surprise Oil Field
Brisbane, Oct 20, 2014 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central"), has reached agreement with IOR Transport Pty Ltd for the domestic transportation of the crude produced at Surprise West.
This new arrangement will cut the costs of transportation by over 20%. Production at Surprise has remained stable at around 180 BOPD with the last 2 weeks averaging 175.6 BOPD with a water cut of 15.6%.
"As all of our costs are in Australian dollars, the weakening of the Australian dollar against the US dollar and the over 20% reduction in our transportation costs has essentially preserved the economics of the Surprise West field" said Richard Cottee, Managing Director of Central.
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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