Good morning Shareholders and guests, it is a pleasure to address you today for my first Annual General Meeting as Chair of Central Petroleum Ltd.. When we last met at last year's AGM, we were regaining momentum following the market disruptions of 2020 and were working to set the foundations for the implementation of a series of important growth initiatives. I am pleased to report that we have made good progress on these [...]
Central Petroleum Ltd. provide the review of operations for the quarter ended 30 September, 2021. Cash balance at the end of the September quarter was $23.8 million, compared to the $37.2 million balance at 30 June 2021, reflecting: - $7.8 million of capital expenditure, being primarily the costs of the Mereenie Development Program, which includes four well recompletions and drilling of two new production wells. - Ongoing [...]
Central Petroleum Ltd. provides the following update on Central's exploration permits in the Amadeus Basin. Farmout Discussions - Central is in discussions with Peak Helium Pty Ltd for a farmout covering a portion of Central's interest in certain Amadeus Basin exploration permits, including EP112 . - Any farmout to Peak Helium would retain Santos as Operator and be subject to customary conditions precedent such as joint [...]
Central Petroleum Ltd. provide the FY2021 Annual Results and Business Update Presentation. The Annual Report for 2021 follow at the link at the end of this release. Key operating highlights for the 2021 financial year include: Strong Financial Performance - $59.8M revenues; $26.1M EBITDAX - Funding from 3.5 PJ pre sale agreement - Net debt reduced by 32% to $31.3M - Debt facility extended until September 2022 Range CSG [...]
Central Petroleum Ltd. refers to its ASX Announcement dated 25 May 2021 and announces that the Transaction referred in the announcement has now become unconditional following all conditions precedent being met. The Transaction is scheduled to complete on 1 October 2021. About Central Petroleum Limited: Central Petroleum Ltd. is a well-established, and emerging ASX-listed Australian oil and gas producer . In our short [...]
Central Petroleum Ltd. advises that it expects to release its full year results and 2021 Annual Report on Tuesday 21 September 2021. Central's Chair, Mr Mick McCormack and the Company's Chief Executive Officer and Managing Director, Mr Leon Devaney will host a webinar to cover the Company's financial performance and activities for the year and provide an update on current and planned activities. The webinar will be held [...]
Central Petroleum Ltd. advises that WM28, the second development well in the Mereenie Development Programme was completed on 6th September 2021. Key points - WM28 has been successfully completed as a dual zone production well with good flow test results and is expected to be tied-in to the gathering network by mid-September. - Sustained flow rates were also encountered while drilling through the shallower Stairway [...]
Central Petroleum Ltd. provides the following update on its Range CSG Pilot in the Surat Basin. All three wells continue to operate reliably, with gas rates steadily increasing as dewatering continues. Daily flow rates have increased to around 50,000 scfd, up from 35,000 scfd in July. Production is currently paused while interference tests are conducted to better understand the connectivity of the coals. Water production [...]
Central Petroleum Ltd. advises that following its ASX Announcement dated 16 July 2020, Santos QNT Pty Ltd has elected not to provide the carry referred to in that announcement and accordingly Santos is now obliged to transfer a 15% interest in EP112 to Central's wholly owned subsidiary Frontier Oil & Gas Pty Ltd . As a result, Frontier's interest in EP112 will increase from 30% to 45% and Santos' interest in EP112 will [...]
Central Petroleum Ltd. provide the Quarterly Activities Report and review of operations for the period. Highlights - Cash balance at the end of the June quarter was $37.2 million, compared to the $37.7 million balance at 31 March 2021, reflecting: - $5.2 million net cash flow from operations - Ongoing exploration activity including the Range pilot drilling and completion and the acquisition of long lead items for the [...]
Central Petroleum Ltd. advises that WM28, the second Development well in the Mereenie Development Programme, was spudded on 21 July 2021 at 03:30hrs. Prior to spudding WM28, WM27 was successfully drilled and cased across the upper reservoir with the shoe at 1,286 metres. The well was then drilled ahead with air to 1,367m to the lower reservoir . The well has been temporarily suspended pending the procurement of equipment [...]
Central Petroleum Ltd. provides the following update on Project Range. Three Well Pilot Program All three wells have been operating continuously since commencement of pumping on 14 June 2021. Well drawdown was gradually increased via a controlled reduction in the fluid level, which is now just above the pumps. Gas breakthrough was observed in the annulus immediately upon commencement of pumping. This was earlier than [...]
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