Central Petroleum Ltd.

Central Petroleum Ltd. advises that Mr McCormack will step down and leave the board of Central on 30 April 2025. Following consultation with the board, Central's current non-executive director, Dr Agu Kantsler, has been unanimously supported by the board to take up the role as Chair of Central. Since being appointed as Chair on 28 November 2020, Mick's leadership has seen Central's financial position improve substantially [...]

Central Petroleum Ltd.'s gas fields were operating at full capacity for much of the quarter. Demand for gas in the Northern Territory was consistently strong during the quarter as warmer temperatures drove increased energy consumption. Production at Mereenie was interrupted for several days while pipeline connections for the two new wells were installed. Sales volumes increased 3% to 1.17 PJe from the previous quarter [...]

Central Petroleum Ltd. advises that the new West Mereenie 29 well has been tied-in and commenced flowing to sales on 20 January 2025. Following a predetermined ramp up program, a production rate test achieved ~7 TJ/d over a 2-hour period. Production from WM29 will be limited to 6 TJ/d which is the capacity limit of the wellhead skid. WM29 production should increase aggregate Mereenie sales gas capacity to at least 30 [...]

Central Petroleum Ltd. advises that the first of two Mereenie development wells, WM29, was successfully air-drilled and completed across the Pacoota-3 sandstones. The well is currently suspended and is expected to be tied-in to the gathering system by late January. This is earlier in the quarter than previously anticipated due to the schedule being proactively accelerated in response to gas shortages in the Northern [...]

Central Petroleum Ltd. advises that WM29, the first development well in the 2 well programme, was spudded on 5 December 2024 at 0730 hrs ACST. The Mereenie development wells are expected to return field production capacity back above 30 TJ/d and produce at least 25 PJ of gas over their lifetime. Firm gas from the new wells may be sold into the recently executed NTG GSA which can be expanded by up to 6 TJ/d to generate [...]

Central Petroleum Ltd. provide the Chair's 2024 AGM Address and Presentation - Achieving Strategic Review Objectives in 2024. CHAIR'S AGM ADDRESS Standing here today, I have a sense that Central's outlook is more positive than it has been for some time. As I look back over the year, we have seen three important developments which should result in sustainable positive cash flows and, ultimately, returns to shareholders [...]

Central Petroleum Ltd. successfully secured new long-term gas sale agreements which will provide higher, more reliable cash flows for Central, reflecting tighter gas supplies in the Northern Territory and deliveries that will not be affected by Northern Gas Pipeline interruptions, should they occur. The new contracts include: - Firm base supply of up to 12.0 PJ of gas to the Northern Territory Government commencing 1 [...]

Central Petroleum Ltd. has secured a commitment from Macquarie Bank Limited to extend and restructure the loan facility which was originally used to finance the acquisition of its interests in the Mereenie, Palm Valley and Dingo operating assets, subject to agreement of final documentation. Key features of the upgraded facility - Provides for full refinance of the existing $22.3m loan which requires refinancing by 30 [...]

Central Petroleum Ltd. will hold an online presentation on Tuesday 1 October 2024 commencing at 10.00 am AEST. Managing Director & Chief Executive Officer, Mr Leon Devaney, and CFO, Damian Galvin, will cover Central's FY2024 results and provide an update on recent activities. Attendees will be provided an opportunity to submit questions for a Q&A session to occur at the completion of the presentation. Participants wishing [...]

Central Petroleum Ltd. today reports a statutory net profit after tax of $12.4 million for the financial year ended 30 June 2024, including a $13.8 million profit on the sale of its interest in the Range gas project, compared to a loss of $8.0 million for FY2023. Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration for the year to 30 June 2024 was down 13% from FY2023 at $13.8 million, as [...]