GTA Signed for EDL Contract
GTA Signed for EDL Contract
Brisbane, May 9, 2017 AEST (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Central") has signed a Gas Transportation Agreement with APA Group (ASX:APA) for an initial 12 months to transport the gas under the EDL Contract that was fully executed and delivered to Central on 25 April 2017 and announced on the next trading day, being 26 April 2017. The EDL Contract is conditional upon EDL satisfying the remaining conditions precedent by 31 May 2017.

When and if the EDL Contract becomes unconditional, Central will have committed all of the volumes of gas it may unilaterally sell from production at Mereenie under the interim gas balancing agreement negotiated at the time of the Mereenie acquisition from Santos QNT Pty Limited. The EDL contract was taken into account in the Independent Expert's Report and its potential in the Directors' recommendation of the Macquarie Scheme of Arrangement. Whilst the EDL Contract (once binding) will ensure that the Company is cash flow positive, it will not be sufficient to undertake any of the exploration and appraisal work outlined in the Scheme Booklet.


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.

 


Contact

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



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