Brisbane, Australia (ABN Newswire) - With the recent drop in oil price,
Central Petroleum Ltd.'s (ASX:CTP) (OTCMKTS:CPTLF) 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 per annum from 2017 subject to certain conditions centered around NEGI and includes a provision for funding support;
- Company focus on increasing gas reserves through Gas Acceleration Project (GAP) aimed at supplying a domestic gas shortfall;
- Dingo Development on time, under budget and fully funded by debt;
- Surprise Oil Field averages 157 BOPD for quarter with 96.4% uptime (i.e. produced every day); and
- Gaudi #1 unconventional gas well results encouraging and being evaluated.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CTP-708340.pdf
About Central Petroleum Limited:
Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) is an ASX listed junior exploration and production company operating the largest holding of prospective onshore acreage in Australia totalling over 270,000 km2, c.70 million acres. This acreage includes permits already awarded and acreage under application with 250,000 km2 under the Petroleum Acts and 20,000 km2 under the Mining Acts mainly in the Northern Territory with smaller holdings in Western Australia, South Australia and Queensland.
Contact:
Central Petroleum Ltd.
T: +61 (0)7 3181 3800
F: +61 (0)7 3181 3855
www.centralpetroleum.com.au
