Quarterly Activities Report
- Sales volumes were 4.0 PJE, including the sale of purchased gas of 0.2PJ (up from 3.7 PJE in theMarch 2019 quarter).
- Net cash flow from operations, after exploration, interest and unallocated G&A, was $8.4 millionwith a cash balance at the end of the quarter of $17.8 million (down from $19.3 million at31 March 2019).
- Principal repayments under debt facilities were $7.25M with Macquarie pre-sale gas deliveriesof 430 TJs.
- The Palm Valley 13 well (PV13) was successfully tied-in and commenced flowing to sales, addingabout 7 TJ/d to field production.
- The Dukas-1 exploration well spudded on 16 April 2019 and at the end of the quarter was at adepth of 3391 mRT.
- Range-4, the first well in the Project Range exploration programme (ATP 2031), spudded on30 June 2019, with a 4-5 well exploration programme anticipated to be completed in Q3 CY2019.
- Central completed a review of the Palm Valley field performance following lower than anticipated production rates. This resulted in a downward revision to estimates for the field Reserves andResources, including a reduction in 2P reserves to 26 PJs as at 31 May 2019.
- The Company significantly augmented its exploration capabilities and initiated a full play-basedexploration portfolio review to drive new exploration strategies to be presented externally laterthis year.
- New appointments were made during the quarter strengthening both the executivemanagement team and the Board; Duncan Lockhart (GM Exploration) joined the Companyeffective 8 April 2019 and Dr Julian Fowles joined the Board effective 28 June 2019. Mr DamianGalvin (Chief Financial Officer) was appointed in May 2019 with a start date in August 2019.
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About Central Petroleum Limited
Central Petroleum Limited (ASX:CTP) is an oil and gas explorer and producer listed on the Australian Securities Exchange focused on supplying the domestic gas market. Central is advancing several separate projects across what is regarded as the biggest package of proven and prospective oil and gas acreage across central Australia. This spread of assets gives Central multiple options for growth and development. 88% of this land being gas prone has led to the Company's focus on becoming a major domestic gas producer.
Central Petroleum Limited