To Pursue Separate Listing of Coal Assets
Perth, April 27, 2012 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) advises that it is currently investigating options to maximise shareholder value of its extensive early stage coal discoveries in central Australia through a separate listing of these assets.
Central's extensive coal discoveries in the Pedirka Basin have the potential to be highly valuable; however, the market currently assigns little value to them. There is a supportive market sector for investors of early stage coal exploration companies and given Central's oil & gas focus, the Company is of the view that its coal assets are not achieving market visibility or the specialist attention required to move them towards potential commercialisation.
The coal assets have significant potential which require a dedicated focus. The proposed separate listing of the coal assets would have its own board of directors, experienced coal management team and funding capabilities, yet most importantly, still provide Central shareholders exposure to the coal assets though a retained equity interest.
Further details of the coal restructure will be provided to the market in the near future.
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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