The last half year has been an exciting period for Central Petroleum in which the strategy of becoming a major domestic gas producer quarantined from oil price fluctuation made substantive progress. This strategy recognises that the key to achieving actual value for the 88% of its acreage (23,703,376.1 acres) that is gas prone is to create a pathway to the gas market.The strategy uses as its precedence the enormous value [...]
Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) today announced the pressure testing (hydro-testing) of the Dingo Pipeline and the plant and field gathering system has been successfully completed.The pipeline will now be filled with natural gas and pressured up. This marks the completion of the mechanical portion of the project with electrical and instrumentation near [...]
Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydro-testing which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.On present [...]
Central Petroleum today announced agreement with Power and Water Corp (PWC) for the early sale of gas under a Gas Sale and Purchase Agreement executed in September 2012. Under the new arrangement, Central will immediately begin selling approximately 2TJ/day of gas from its Palm Valley Gas Field in advance of the commencement of the Dingo Gas Field which remains on schedule and under budget, with completion to be in Q2 [...]
With the recent drop in oil price, Central Petroleum strategic move to become a focussed domestic gas producer proved prescient. In February 2014 the Company announced the acquisition of the Palm Valley and Dingo fields.HIGHLIGHTS- COAG endorses Northern Territory Gas Interconnect Process (NEGI) and 14 companies express interest;- Central Petroleum enters into Framework Agreement with Incitec Pivot to supply up to 15PJ [...]
Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) ("Company" or "Central") advises following the recent drop in oil prices which has affected oil revenues from the Surprise field, Central has taken decisive action to ensure that the Company will be able to live within its present cash flows. The following actions have been taken:1. The Company is applying for all necessary permits to operate the [...]
This is my second Annual General Meeting address to shareholders of Central Petroleum as Chairman of the company. I was appointed Chairman in April 2013 after briefly filling the role of Deputy Chairman.The Annual Report provides a thorough summary of the events that took place during the last 12 months and we are very proud of our Company's achievements. Unfortunately the current oil price and share price have let [...]
Central Petroleum announced today it has entered into a non-binding heads of agreement (HOA) to supply up to 15PJ pa of gas from its conventional reservoirs in the Northern Territory to Incitec Pivot. The announcement follows the Council of Australian Governments (COAG) communique which supported the concept of connecting the Northern Territory conventional gas reserves to the Eastern Australian market.Central and IPL [...]
Central Petroleum advises that Managing Director, Richard Cottee, will be holding open shareholder briefings in the following cities on the dates stated below.Sydney - 5.00pm, Monday 17 November 2014 GPT Group - Auditorium Room, Level 51 MLC Centre, 19 Martin Place, SydneyMelbourne - 5.00pm, Wednesday 19 November 2014William Buck, Level 20, 181 William St, MelbournePerth - 5.00pm, Thursday 20 November 2014DJ Carmichael [...]
Central Petroleum, as Operator of the Southern Georgina Joint Venture, advises that Gaudi-1 has completed coring from 2105m through the Lower Arthur Creek Formation (LAC) and Thorntonia Limestone, and reached total depth of 2430m in basement. Gas shows were recorded whilst coring through the LAC. A total of 66 core segments were placed into sealed canisters for desorption analysis, from which the gas content of the LAC [...]
This quarter was one in which Central Petroleum began to harvest the hard work commenced two years ago. With record exploration dollars being spent in our acreage the Company was able to finish the quarter with essentially the same amount of cash as it began. If it weren't for the payout occasioned by the judgment in the case involving the former Managing Director, we would have achieved a positive cash accumulation [...]
Central Petroleum has undergone a very substantial transformation over the last 12 months or so. The following is a transcript of a Company Interview with Managing Director Richard Cottee. Company Interview question:Can you explain what you have achieved? Managing Director, Richard CotteeA lot has been achieved in the last 12 months. Primarily we have gone from an explorer to a producer in both oil and gas. Production at [...]
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