Central Petroleum Limited Stock Market Press Releases and Company Profile
Appoints Leading Financial Advisor for Farm-Out
Appoints Leading Financial Advisor for Farm-Out

Brisbane, Jan 8, 2020 AEST (ABN Newswire) - Central Petroleum Limited (googlechartASX:CTP) (googlechartC9J:FRA) (googlechartCPTLF:OTCMKTS) announces that it has appointed Flagstaff Partners Pty Ltd (Flagstaff Partners) as its advisor for the farm-out of its CY2020 Exploration Programme exploration targets and associated operating assets (Mereenie Oil and Gas Field, Palm Valley Gas Field, Dingo Gas Field and Surprise Oil Field) to fund Central's CY2020 Exploration Programme.

Flagstaff Partners are a leading independent corporate advisory firm based in Melbourne with substantial experience and a track record of delivering positive outcomes on similar transactions in the oil and gas industry. Flagstaff Partners were selected through a competitive process as the party best placed to deliver a farm-out that achieves a value maximising and efficient outcome.

The farm-out process is already underway with critical path items for the CY2020 Exploration Programme (well design, procurement of long lead items, etc.) being progressed throughout to maintain CY2020 drilling targets. The farm-out process is targeting completion by mid-2020.

Central's Managing Director & CEO, Leon Devaney, said: "We have great operating assets in the Northern Territory which are now delivering gas to an east coast gas market that is critically short of term-gas supply. Our CY2020 Exploration Programme is targeting a significant increase in gas reserves to leverage existing production facilities and to provide high marginal value. This provides us with an opportunity to capitalise on an attractive farm-out package that creates near-term value."


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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