Appointment of Mick McCormack as a Non-executive Director
Brisbane, Sep 1, 2020 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (C9J:FRA) (CPTLF:OTCMKTS) is pleased to announce the appointment of Mr Michael "Mick'' McCormack as a Director of the Company effective 1st September 2020.
Central's Chairman, Wrix Gasteen said, "I am delighted to welcome Mick McCormack to the Central Petroleum Board. Mick retired last year as Managing Director and CEO of the APA Group, one of Australia's leading energy infrastructure businesses and ASX Top 50 Company. During his 14 years leading APA, Mick was instrumental in growing APA from a small point-to-point pipeline business into Australia's largest owner and operator of energy infrastructure with an enterprise value of around $24 billion. Mick's insight into the Australian domestic energy sector and his hands-on experience, including developing gas pipelines and gas processing infrastructure across Australia, will be invaluable as Central looks to both develop the Range Coal Seam Gas Project in Queensland and progress the proposed Amadeus to Moomba Gas Pipeline which promises to provide a more direct and cost efficient route to the larger east coast markets from our gas fields in the Northern Territory.
With over 35 years' experience in Australia's energy infrastructure sector, Mick is recognised as a pioneer in the Australian energy industry and was instrumental in transforming Australia's gas delivery system with the development of a world-leading pipeline grid system.
"Mick is recognised for his value-accretive M&A strategies, effective capital allocation, prudent capital management and strong corporate governance principles. It is a testament to the professionalism of the Central Board and Management and the Company's significant growth prospects, that both Mick McCormack and also Dr Agu Kantsler, chose to join the Company's Board after lengthy due diligence processes," said Mr Gasteen.
Mr McCormack said: "I am very enthused to be joining the Board of Central Petroleum. Gas has been and will continue to be a lifelong passion of mine. While having spent most of my career on the transportation side of the gas supply equation, I am very attuned to the production side and how more supply is essential to the long-term delivery of reliable and affordable energy".
"Having developed the east coast gas grid, I know the importance of investment in pipelines and of course, getting more gas to market. There is now a real opportunity around nation-building infrastructure projects like the Amadeus to Moomba Gas Pipeline which Central is actively pursuing", added Mr McCormack.
Central's Managing Director and CEO, Leon Devaney said, "Mick's addition to the Central Board should give shareholders further confidence in the quality of our assets and growth pursuits. Mick also joins us at a pivotal time as we look ahead to new and significant gas production and pipeline infrastructure projects to generate shareholder value. Given Mick's deep experience in the mid-stream segment of the gas supply chain, I look forward to his insights and contribution to our future success."
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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