Appoints New Chairman
Brisbane, July 31, 2015 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") today announced that as foreshadowed at last year's AGM, Andy Whittle has chosen to step down as Chairman but will remain on the Board until the upcoming AGM to assist in the transition. Andy has led Central through a significant period of change from an explorer to a producer. The Board of Central Petroleum Limited has appointed Mr Robert Hubbard as its new Chairman.
Mr Hubbard joined the board of Central in 2013 and became Deputy Chairman in May 2015. Prior to commencing his career as a non-executive director, Robert was a partner of PwC for over twenty two years specialising in the resources sector. Robert is also a director of Bendigo and Adelaide Bank Limited, Primary Health Care Limited and Orocobre Limited.
"Rob is a respected and trusted member of the business community and his financial and accounting expertise will be a great asset to the Company as it enters into its growth phase during this cyclical downturn in the resources sector. The present spot domestic gas price confirms that the Company's strategy of focusing on domestic gas supply is correct. With the acquisition of Mereenie, Rob's financial counsel will be invaluable. The Board has indeed been fortunate in having the calm and wise counsel of Andy Whittle over the last two years and his industry experience has played no small part in establishing the Company on a solid foundation upon which the Company can embark on its existing growth phase", said Richard Cottee, Managing Director and Chief Executive Officer of Central.
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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