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 Surprise Oil Field remotely from Alice Springs in a concerted effort to reduce the costs of production.
2. The Company has implemented a 40% reduction in its headcount primarily targeting consultants and contractors. To a large extent the employment of Traditional Owners has been exempted.
3. The Company will only incur absolutely necessary expenditures.
4. Directors have agreed to defer 20% of their Director's fees until the next Financial Year.
Since last year, Central has been focussed on its gas operations and this focus remains. Gas revenues are unaffected with domestic gas prices still expected to rise. The Company's Gas Acceleration Programme remains unaffected with sources of funding being actively pursued. The NT Pipeline EOI closed today and the Company remains confident that the interconnect project will be aided by the recent events.
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.
Source:
Central Petroleum Ltd.
Contact:
Central Petroleum Ltd.
T: +61 (0)7 3181 3800
F: +61 (0)7 3181 3855
WWW: www.centralpetroleum.com.au
