Mereenie Update
Brisbane, April 11, 2018 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) ("Company" or "Central") advises that the Ensign Rig is expected to be fully at the site at Mereenie by next week. The rig crew have been selected with the site preparation continuing apace. It is anticipated that West Mereenie-26 will be spudded on 20 to 21 April and the drilling will take 35 to 40 days.
The $12 million ($6 million Central's share) Mereenie plant upgrade remains within budget and on time for being available by 1 December, the date by which the Northern Gas Pipeline is assumed to be operational.
In addition, the Company has negotiated an extension of the existing debt facility with Macquarie of an additional $5 million.
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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