Central Petroleum Limited (CPTLF) Poised as Major Foundation Gas Supplier into NEGI
Brisbane, Australia (ABN Newswire) - Central Petroleum Limited (ASX:CTP) is pleased to release an updated corporate presentation to the market titled "It's Time... The Domestic Gas Company - NEGI is Now".
Key messages covered within the presentation include:
- Central has positioned itself as the major on-shore gas producer in the Northern Territory following the recent acquisitions of Palm Valley and Dingo gas fields (100%) and the Mereenie oil and gas field (50%).
- The North East Gas Interconnector (NEGI) pipeline project has increased in confidence following final bids having been submitted on 30 September 2015 by all four shortlisted proponents. Current market analyses now consistently confirm a critical gas supply shortfall in the East Coast, making the NEGI pipeline a critical project for Australia's energy supply.
- Central has over 75% of its current revenues from long-term fixed price domestic gas contracts. With over 170 PJs of existing 2P gas reserves (market unconstrained) and a near term target of over 300PJs of 2P reserves, Central expects to be the largest foundation gas supplier into the NEGI pipeline when it is proposed to be completed in 2018.
- Central has vast exploration acreage, including farmout Joint Ventures with Santos and Total targeting new gas reserves. Central has retained over 50% of its exploration acreage on a 100% basis and stands to be a key beneficiary as it seeks to become a major new gas supplier into the high-priced East Coast Gas Market.
Central's economics reflect low cost conventional gas production from existing gas fields and infrastructure. When combined with significant existing installed but underutilised gas production capacity acquired under the Mereenie acquisition, the economics of the NEGI pipeline (should it proceed) are highly value accretive for Central.
To view the presentation, please visit:
About Central Petroleum Limited:
Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) is an ASX listed junior exploration and production company operating the largest holding of prospective onshore acreage in Australia totalling over 270,000 km2, c.70 million acres. This acreage includes permits already awarded and acreage under application with 250,000 km2 under the Petroleum Acts and 20,000 km2 under the Mining Acts mainly in the Northern Territory with smaller holdings in Western Australia, South Australia and Queensland.
Central Petroleum Limited
Central Petroleum Limited
T: +61 7 3181 3800
F: +61 7 3181 3855
Source: ABN/Asia Business Newswire
(October 27, 2015 - 11:55 PM EDT)
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