Grant of ATP 2031
Brisbane, Aug 29, 2018 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) ("Company" or "Central") announces that its wholly-owned subsidiary Central Petroleum Eastern Pty Ltd has been formally granted an Authority to Prospect for the prospective Queensland Surat Basin coal seam gas acreage (ATP 2031), covering 77km2 approximately 28km north-west of the town of Miles (the "Queensland Acreage").
Central was announced as preferred bidder for the Queensland Acreage on 1 March this year and on 25 June agreed a 50:50 joint venture arrangement with Incitec Pivot Limited ("IPL") in respect of this acreage. Under the arrangements in place, IPL will fund up to $20 million for the exploration program.
This award, which is dedicated to the domestic market, represents a further step in Central's focus in exploring and appraising potential gas resources in an effort to bring new gas supply to the east coast market to provide certainty to Australia's manufacturing industry.
Central looks forward to continuing its gas growth strategy and becoming a major gas supplier into the east coast market.
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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