Quarterly Activities Report
Brisbane, Oct 31, 2018 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) provides the Company's Quarterly Activities Report.
HIGHLIGHTS
- 2018 Annual Report was released on 28 September 2018 with sales revenue and underlying EBITDAX increasing by 41% and 395% respectively over the prior year.
- Cash balance at the end of the quarter was $22.1 million and combined with undrawn debt facility remains sufficient to fund the anticipated costs of current activities.
- WM26 was completed, with minor gas shows attributed to mineralisation. Whilst the result was disappointing, we will undertake a technical review to identify alternative approaches to make the stairway target commercial.
- Palm Valley 13 encountered encouraging gas flows and the well will be tied in to production facilities in early 2019.
- Mereenie expansion project continues to progress towards a completion date in early December.
- Palm Valley restart and optimisation project continues to progress towards a restart date by late October / early November.
- Dingo water bath heater installed, reducing methanol consumption.
- Queensland CSG exploration acreage (ATP 2031) awarded and is now being progressed with drilling anticipated in 2019.
To view the full report, please visit:
http://abnnewswire.net/lnk/8A761XRM
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.
| ||
|
