Palm Valley and Dingo Acquisition Completes
Perth, Mar 31, 2014 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") has completed the purchase of the material onshore assets of Magellan Petroleum Australia ("Magellan") consisting primarily of the Palm Valley and Dingo fields near Alice Springs.
Central Petroleum Managing Director, Richard Cottee said, "With acreage holdings entirely surrounding the Palm Valley and Dingo gas fields, this acquisition positions Central to step-out and integrate production facilities and pipelines within the region and take advantage of economies of scale created by exploration success".
"Central welcomes Magellan as its largest shareholder with around 39.5 million shares (approximately 11.4%) and in particular Central's board looks forward to benefiting from the expertise of Mr J. Thomas Wilson as a new director (being the director nominated by Magellan)" he said.
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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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