Quarterly Activities Report
Brisbane, April 30, 2018 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) provides the Company's Quarterly Activities Report.
HIGHLIGHTS
- On 2 February 2018 Central announced it had signed the drilling contract with Ensign Australia PtyLtd for the 2018 drilling campaign.
- A webinar presentation was held by the Managing Director on 8 February 2018 to discuss theQuarterly Report for the Quarter Ended 31 December 2017.
- The Financial Report for the Half-Year Ended 31 December 2017 was lodged on 26 February 2018.
- On 1 March 2018 the Honourable Dr Anthony Lynham MP announced that Central's wholly-ownedsubsidiary, Central Petroleum Eastern Pty Ltd, was the preferred bidder for Queensland acreagePLR201718-1-1 (ATPA 2031).
- Incitec Pivot Limited ("IPL") announced on 1 March 2018 that it has a Memorandum of Understandingwith Central that provides for an exclusivity period to negotiate commercial arrangements for thedevelopment of PLR201718-1-1 whereby some of this gas would be used to supply its Gibson Islandfertiliser plant and that IPL may provide up to $20 million of funding to support appraisal and drillingactivities.
- On 2 March 2018 the ACCC published a draft determination proposing to grant authorization forMereenie joint marketing arrangements between Central and Macquarie Mereenie, a subsidiary ofMacquarie Group Limited, for three years. A final determination was given by the ACCC on 29 March2018.
- The Mereenie Joint Venture approved development of the Mereenie Gas Project; drilling of WestMereenie 26 and a $12 million upgrade of the processing plant.
- Testing of the Stairway Sandstone at Mereenie from the previously drilled West Mereenie 15continues free flowing gas at sustainable rates with a low nitrogen content of 2.6%. Additionalrecompletion opportunities have been identified.
- Cash balance at the end of the quarter was $28.8 million.
To view the full report, please visit:
http://abnnewswire.net/lnk/7TKU18Y6
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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