Market Speculation
Brisbane, Oct 22, 2014 AEST (ABN Newswire) - There has been significant market speculation circulating in social media about Central Petroleum Ltd (
ASX:CTP) and the Company is concerned this may be creating a false market. This includes assertions about the shareholdings of directors and management.
The facts are that the Chairman (Andrew Whittle), the Managing Director (Richard Cottee), the Chairman of the Remuneration Committee (Rob Hubbard) and Director and Chief Operating Officer (Mike Herrington) have bought shares in the last two weeks and the appropriate Appendices 3Y have been lodged.
Amongst the Senior Executives, The Chief Financial Officer (Leon Devaney) and the GM Exploration (Mike Bucknill) and the Company Secretary (Joseph Morfea) have also bought Central Petroleum stock. No Director, nor any Company associated with a Director, including Magellan, has sold any stock.
The Company stands poised to take advantage of a higher priced and higher liquidity gas market through the proposed Northern Territory pipeline and these recent purchases are testimony to the faith the directors and management have in the future 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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