Central Petroleum Limited Stock Market Press Releases and Company Profile
Signs 9.85PJ Gas Supply Agreement
Signs 9.85PJ Gas Supply Agreement

Brisbane, April 26, 2017 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) (googlechartCPTLF:OTCMKTS) ("Central") today announces a Gas Supply Agreement ("GSA") has been signed for the delivery of 9.85PJ of gas over five years to the Northern Territory Pine Creek Power Station operated by EDL NGD (NT) Pty Ltd ("EDL"). Under the GSA, Central as operator has the right to supply gas from Mereenie, Dingo or Palm Valley, and is structured as a delivered $AUD fixed price gas supply contract (subject to escalation based on CPI). The start date for gas supply will be no later than 1 June 2017, unless mutually agreed otherwise.

The agreement (including the obligation to supply gas) remains subject to satisfaction of certain conditions precedent, including execution of already negotiated gas transportation arrangements, by 31 May 2017 (unless extended by mutual agreement). The GSA was signed by Central Petroleum Mereenie Pty Ltd (a wholly owned subsidiary of Central) as trustee of the Central Petroleum Mereenie Unit Trust and EDL.

Negotiations have been underway for some time and became a priority after the National Market Reform Group decided to exclude the Amadeus and Carpentaria Pipelines from the COAG endorsed Vertigan reforms. The expectation of a GSA was taken into account by the Board in unanimously recommending the improved proposal received from Macquarie MPVD Pty Ltd announced to the ASX on 10 March 2017.


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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