Report
Central Petroleum Limited
Port Centre, L 7 369 Ann St
Phone: +61 731813800p:+61 731813800 BRISBANE, QLD  4000  Australia Ticker: CTP CTP


Central Petroleum Limited (ASX:CTP) Half Year Results - Reports $2.5 Million Net Profit


Brisbane, Australia, Feb 23, 2021 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (HAM:C9J) (OTCMKTS:CNPTF) today reports a net profit after tax of $2.5 million for the half year to 31 December 2020, continuing solid financial performance despite the market downturn experienced in 2020. This is up 15% on the previous half year due to lower exploration activity, corporate cost savings and lower interest and depreciation charges.

Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration was $12.9 million, This is an increase of 51% on the previous six months to 30 June 2020 excluding the benefit of the $7.7 million settlement for the transfer of a 50% interest in the Range CSG Project, reflecting our effective term-gas contracting strategies, cost containment initiatives and solid operations at Central's gas and oil fields in the Northern Territory.

Highlights for the half year

- Sales of oil and gas were steady at 5.11 PJE for the half year, compared with 5.19 PJE sold in the previous six months to 30 June 2020, but 28% below December 2019 half year levels due to weak market conditions in 2020 and timing of scheduled maintenance.

- Operating revenue was $28.9 million, slightly lower than the $29.3 million recognised in the previous six months to 30 June 2020, but 19% lower than the $35.7 million in the half year ending December 2019 due to a significant downturn in the oil and gas markets in 2020.

- A new Gas Supply Agreement was secured to supply 3.5 PJ of gas over calendar years 2022 and 2023. The sale proceeds were pre-paid in full in December 2020 and will help finance new production capacity at Mereenie in 2021.

- Stronger cash position of $38.5 million, up from $25.9 million at 30 June 2020 following the receipt of the pre-sale payment, reducing net debt to $31.2 million, down from $46.1 million at 30 June 2020.

- Extended the Group's fully-drawn finance facility of $68.8 million for a further 12 months to 30 September 2022.

- Restarted work on the Range Coal Seam Gas Project in the Surat Basin, with a three well appraisal program to be drilled commencing in April 2021.

- Executed a Memorandum of Understanding with Australian Gas Infrastructure Group with the aim of becoming a foundation customer of a proposed new gas pipeline from Central's Amadeus Basin fields to the Moomba gas hub, potentially providing a more cost-efficient route to the larger east coast gas markets.

- A preferred bidder for an interest in Central's Amadeus Basin producing assets was selected and began conducting final due diligence.

- Welcomed Michael (Mick) McCormack to the Board and his subsequent appointment as Chair, bringing to Central his experience as one of Australia's energy industry leaders.

Central's CEO and Managing Director, Leon Devaney said "Our production assets and contracting strategies have shown their quality in sustaining Central through the market turbulence of 2020. We see market confidence improving, and believe we are in a strong position to move forward with several important growth projects in 2021."

"New wells planned to be drilled at Mereenie should increase production capacity on completion and the pilot wells at the Range Coal Seam Gas Project will take us closer to a Final Investment Decision for our next major development. And finally, our most significant exploration program for years has the potential to unlock major new resources in the Amadeus Basin."

"We anticipate a comparable EBITDAX for the second half of the 2021 financial year assuming trading conditions remain stable. Exploration expenditures, however, are anticipated to increase substantially this calendar year as we implement several growth strategies".

To view the summary of results, please visit:
https://abnnewswire.net/lnk/64QO657W


<b>About Central Petroleum Limited:</b>

Central Petroleum Limited (Central) is a well-established, and emerging ASX-listed Australian oil and gas producer (ASX:CTP). 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.

<b>Contact:</b>

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


Related Businesses
- - Customer

Copyright © 2025 by CreditRiskMonitor.com (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by CreditRiskMonitor.com, Inc. Except as expressly permitted by CreditRiskMonitor.com, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that CreditRiskMonitor.com, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of CreditRiskMonitor.com, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by CreditRiskMonitor.com, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of CreditRiskMonitor.com, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable.  CreditRiskMonitor.com, Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement
Contact Us: 845.230.3000
Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
Tuesday, July 1, 2025