Brisbane, Australia (ABN Newswire) -
Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central"), has reached agreement with IOR Transport Pty Ltd for the domestic transportation of the crude produced at Surprise West.
This new arrangement will cut the costs of transportation by over 20%. Production at Surprise has remained stable at around 180 BOPD with the last 2 weeks averaging 175.6 BOPD with a water cut of 15.6%.
"As all of our costs are in Australian dollars, the weakening of the Australian dollar against the US dollar and the over 20% reduction in our transportation costs has essentially preserved the economics of the Surprise West field" said Richard Cottee, Managing Director of Central.
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
