Annual Report to shareholders
Brisbane, Sep 25, 2017 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) has had another year of significant progress operationally and financially with growth in oil and gas production and revenues, continued focus on costs and the securing of the EDL gas contract for supply which commenced in June 2017.
The financial performance for the year was marred by the mark to market loss on the Macquarie gas prepayment contract, where repayment will commence either financially or through the supply of gas. However, operational financial performance should continue to improve in 2017/18 with Central essentially self-funding ensuring all funds from the capital raising will be devoted to the drilling programme.
To view the annual report, please visit:
http://abnnewswire.net/lnk/H0G541CY
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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