Central Petroleum Limited Stock Market Press Releases and Company Profile
Capital Raising To Support NEGI Reserves Certification
Capital Raising To Support NEGI Reserves Certification

Brisbane, Nov 10, 2015 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) has agreed to place 55,307,843 shares at $0.19 per share with institutional investors in Australia and Hong Kong raising circa $10.5 million gross. The $0.19 issue price represents a 20.7% discount to the 5-day VWAP.

Mindful of the support of our many retail shareholders, existing shareholders will also have an opportunity to participate in the capital raising through a $10.5 million security purchase plan ("SPP") which the Company intends to offer. The $10.5 million maximum gross equates to around 7 - 8% of the total SPP funds which may be raised if all shareholders participated fully. If the SPP is oversubscribed participants will have their application amount scaled back at the discretion of Central. The record date to participate in the SPP will be 9 November 2015. Details of the non-underwritten SPP will be provided in due course with pricing as close as permitted by the ASX to the Placement issue price.

The proceeds from the Placement and SPP will be allocated towards progressing the previously announced reserves upgrades and payment of the Mereenie acquisition commitments due in June 2016 together with normal Company expenses. Patersons Securities Limited is acting as Lead Manager to the Placement and SPP.

"This capital raising will support Central in continuing with its reserves work program and field development in anticipation of the NEGI pipeline and go towards satisfying the Company's funding requirements for the acquisition of the Mereenie field", said Richard Cottee, Managing Director, Central Petroleum Limited.

"The Company believes that the NEGI pipeline is practically certain to occur and wishes to maximise the reserves at our producing fields so that when the pipeline is commissioned Central can maximise its throughput through NEGI", Mr Cottee said.

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About Central Petroleum Limited

Central Petroleum LimitedCentral 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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Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969



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