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Posts on this website are general "tips" and nothing more than that and should never be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. Sparty's posts nearly always relate to companies that he either holds, has held or intends to hold.
Main Forum•CTP sells pre-paid gas. $15m in cash
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Central Petroleum Limited ("Central") (ASX:CTP) (OTCMKTS:CPTLF) today signed a "Gas Sales and Prepayment Agreement" ("GSPA") with Macquarie Bank Limited ("MBL").
- Gas Sales Agreement signed for 5.2PJs of pre-paid gas supplied over 3 years, with up to an additional 3.5PJ of additional gas sales possible over 2 subsequent years
- Central receives immediate payment for the pre-paid gas under the Agreement
- Proceeds from the Agreement enable Central to fully fund the deferred purchase price of $10M for the Mereenie oil and gas field as well as new reserve growth
- Central's exposure to the Mereenie Production Bonus removed giving future potential savings of $2.5 to $8.75 million
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Central Petroleum ended the June quarter in the strongest financial position ever with over $15 million cash available after paying Santos the $10 million final instalment on the acquisition of its 50% interest in the Mereenie oil and gas field. This completes CTP's strategy commenced three years ago to transform the company from an explorer with small oil production to the largest onshore gas producer in the Northern Territory. Read the Managing Director's full report
