Central Petroleum Limited (ASX:CTP) Annual Report to Shareholders
(MENAFN- ABN Newswire) Brisbane, Sep 25, 2017 AEST (ABN Newswire) - Central Petroleum Limited () () has had another year of significant progress operationally and financially with growth in oil and gas production and revenues, continued focus on costs and the securing of the EDL gas contract for supply which commenced in June 2017.
The financial performance for the year was marred by the mark to market loss on the Macquarie gas prepayment contract, where repayment will commence either financially or through the supply of gas. However, operational financial performance should continue to improve in 2017/18 with Central essentially self-funding ensuring all funds from the capital raising will be devoted to the drilling programme.
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About Central Petroleum Limited
()() 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.
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