Settlement with Century Energy Services
Adelaide, Oct 30, 2012 AEST (ABN Newswire) - Central Petroleum Ltd (ASX:CTP) advises that it has settled the arbitration proceedings with Century Energy Services Pty Ltd and MB Century Pty Ltd (jointly Century) whereby Century will pay Central the sum of AUD$1,000,000 plus interest (payment due by no later than 4 January 2013) plus agreed or assessed party/party legal costs of and incidental to the arbitration proceedings (payment due within 21 days of the costs being agreed or assessed (as the case may be), or by no later than 4 January 2013, whichever is the later).
About Central Petroleum Limited
Central Petroleum Limited (ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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