Central Petroleum Limited Stock Market Press Releases and Company Profile
Annual Report Review Presentation
Annual Report Review Presentation

Brisbane, Oct 9, 2017 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) (googlechartCPTLF:OTCMKTS) provides the Company's Annual Report Review Presentation.

ANNUAL REPORT HIGHLIGHTS

- Total sales revenue of $25 million reflects a 9% increase from 2016. The recent EDL gas contract increases contracted annual gas volumes by roughly 45%.

- Net Sales Volumes

o Oil (barrels) 111,380 (2016: 98,635 barrels)

o Natural Gas (TJs) 3,322 (2016: 3,230 TJs)

- The EDL gas contract increased the Macquarie gas pre-sale liability by $9.5 million.

This non-cash expense impacted EBITDA, Net Assets and Statutory Loss.

o Positive underlying EBITDA of $0.32M compared to ($1.17M) in 2016

o Statutory Loss of ($25M) compared to ($21M) in 2016

o Net Assets of ($6M) compared to $16M in 2016.

The pre-sale liability can be settled through physical delivery of gas or the EDL contracted revenue. EBITDA, Net Assets and Statutory Loss will benefit.

- FY2018 will be the first year in which the Company is able to forecast positive cash flows such that the capital raising can be dedicated to drilling.

- Cash Reserves at 30 June 2017 of $5.48 million (2016: $15.1 million).

OPERATING ACTIVITIES

- The Company's safety and environmental performance has again been noteworthy without incurring either a Lost Time Incident or Reportable Environmental Incident.

- Testing of the Stairway Sandstone at Mereenie from the previously drilled West Mereenie-15 continues free flowing gas at an average 1.1million cubic feet per day (approximately 1.1TJs/day) with a low nitrogen content of 2.6%. Additional recompletion opportunities have been identified.

- Dingo TEG unit being ordered as part of the Dingo upgrade for the Owen Springs Power Station upgrade.

- Palm Valley fracture modelling commenced to ascertain development well infill drilling opportunities.

- Mereenie natural fracture modelling was completed and two drilling locations selected (potential gross 2P target of 95-160BCF (110-185PJ).

To view the full presentation, please visit:
http://abnnewswire.net/lnk/IX4K5RGO


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.

abnnewswire.com 


Contact

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



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