Central Petroleum provides the following market updates.Southern Georgina JV Drilling ProgrammeAs previously announced by Central Petroleum the initial drilling programme was delayed due to access issues. These issues have now been satisfactorily resolved so that the first well should be spudded in mid to late July. This is the commencement of the drilling phase of US$78.5 million Stage 1(a) & (b) of the Total Farm-in for [...]
Central Petroleum provide their latest company presentation. Below is an overview of the presentation: - Sod-Turning Ceremony with Chief Minister for Dingo Development - PL7 offered - Palm Valley Deliveries above budget - Surprise West Production stabilised at 250 BOPD - Multiple basin projects grouped in Central Australia- Now an Oil & Gas producer as well as an explorer - Farm-outs to Total and Santos bring up to $300 [...]
Central Petroleum has accepted all regulatory conditions clearing the way for the grant of the Dingo Petroleum Production Licence 7 (PL7).Central recently acquired the Dingo Gas Field. The Northern Territory Minister for Mines and Energy offered to grant PL7, which will convert from a Retention Licence to a Production Licence permitting gas production from the Dingo Gas Field.Central has written to the Northern Territory [...]
At a technical meeting held on May 6th, Santos, Operator of Amadeus Basin petroleum exploration licence EP 125, advised Central Petroleum of the preliminary results of compositional analyses undertaken on three gas samples collected from four flow tests conducted in the Mt Kitty 1 exploration well. However, results were found to be so disparate that they may not be representative of actual gas compositions in the [...]
Central Petroleum announced that it signed agreements to purchase the material onshore assets of Magellan Petroleum Australia Pty Ltd ("the Magellan assets") consisting primarily of the Palm Valley and Dingo fields for $35 million. The deal closed on 31 March 2014. The consideration paid was $20 million cash and approximately 39.5 million shares in Central.The cash component was paid out of a loan facility with Macquarie [...]
Central Petroleum has been advised that its Mt Kitty 1 exploration well flowed gas in testing. The preliminary findings were notified by Santos (ASX:STO), the Operator of Amadeus Basin permit EP 125, that the exploration well Mt Kitty 1 reached its programmed total depth of 2,295m in metasedimentary basement.Central Managing Director, Richard Cottee, said the prime objective of the Mt Kitty 1 well was to confirm there is [...]
As explained at last year's Annual General Meeting, Central Petroleum had been actively planning its transition from Explorer to Explorer & Producer. That includes ensuring that the Board has the right diversity of skillsets and sufficient independent directors to guide the Company's next stage of development. Recent changes to the ASX Principles and Recommendations question the continued "independence" of a [...]
Central Petroleum present the company's latest Company Presentation including recent achievements, and immediate expectations for the near term production. Following is an excerpt from the presentation. Oil and Gas Production Overview- From March 2014, CTP will be producing oil and gas from 2 separate fields and developing a 3rd field within the Amadeus Basin- Palm Valley and Dingo gas fields: 3.3PJ/year of gas sold [...]
Following the completion of the acquisition of the Palm Valley and Dingo gas fields from Magellan yesterday, Central Petroleum provides the following update on our other properties.Surprise WestThe first 7 days of production at Surprise West was 3,668bbls or 524bopd average. Whilst the down hole pump has been successfully installed it will not contribute to the production rate until the average approaches 450bopd.Further [...]
Perth, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") has completed the purchase of the material onshore assets of Magellan Petroleum Australia ("Magellan") consisting primarily of the Palm Valley and Dingo fields near Alice Springs.Central Petroleum Managing Director, Richard Cottee said, "With acreage holdings entirely surrounding the Palm Valley and Dingo gas [...]
An Extraordinary General Meeting (EGM) is scheduled for 11 April 2014 at which time the Board and Management of Central Petroleum are seeking shareholder approval for 4 resolutions. The Notice of Meeting sent out to all shareholders last week provides a full disclosure for each of these.Since then I have received a number of queries about Resolution 4 - Financial Assistance For Magellan Asset Acquisition, and feel all [...]
Central Petroleum has been advised by Santos, as the Operator of EP125 (Northern Territory), that the Ensign 918 rig has mobilised and is anticipated to recommence drilling operations at the Mt Kitty-1 well location in the Amadeus Basin on around 24 March 2014. As previously advised to the market the top hole of this exploration well was drilled with a shallow capacity rig to a depth of around 785m KB. Planned total depth [...]
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