Central Makes Final $10 Million Mereenie Acquisition Payment
Brisbane, June 2, 2016 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) today announced that the final payment of $10 million for Central's 50 percent interest in the Mereenie Oil and Gas Field was made to Santos Limited (ASX:STO).
Central is the Operator of the Mereenie Oil and Gas Field as well as the Operator of the Palm Valley and Dingo Gas Fields in which it has 100 percent ownership. All three fields are located in the Amadeus Basin in the Northern Territory and have significant gas reserves which are being made available to the Northern Territory and East Coast markets.
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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