Saturday, 04 December 2021 05:12 GMT

Central Petroleum makes early sale of gas to Power and Water Corp


(MENAFN- ProactiveInvestors)

Central Petroleum (ASX:CTP) has reached an agreement for the early sale of gas from its Palm Valley Gas Field in the Northern Territory’s Amadeus Basin to the Northern Territory Government’s Power and Water Corp (PWC).
   
Under the new arrangement the company will immediately begin selling approximately 2 terajoules of gas per day from the field in advance of the commencement of the Dingo Gas Field.

The Dingo field remains on schedule and under budget with completion expected in the second quarter of this year.

The early gas sales from Palm Valley will be incremental to existing gas production under a gas sales agreement with Santos.

Notably the contracts are based on fixed domestic gas prices with CPI-escalation shielding the company from oil price volatility.

 

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