Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydro-testing which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.
On present indications, the Dingo Project (including plant and pipeline construction) will be on time and close to 10% below the budget provided under the financing facility limits. This also means Central will retain more than $2.5 million in undrawn facilities which Central may be able to access.
"Given the remoteness of our operations and the present economic climate in which we operate, it is a real achievement to bring in this company-critical project on time and substantially below the Macquarie Facility limits", said Richard Cottee, Managing Director of Central.
"The development of Dingo is an important milestone in the strategy of making Central a significant gas producer for the Australian domestic market which is substantially quarantined from oil price fluctuations", he said.
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.
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Brisbane, Australia (ABN Newswire) - Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydro-testing which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.
