Company Overview & Strategy:
Central Petroleum Limited (Central) (ASX:CTP) 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 projects across what is regarded as the largest parcel of proven and prospective oil and gas acreage across central Australia. This spread of assets provides Central with 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.
The price of domestic gas is strengthening irrespective of the oil price and the low cost of gas production in the Northern Territory places Central as a front runner in the gas market in the midst of an anticipated gas shortage on the eastern seaboard by 2018. Central’s direction and strategy is to focus on gas in order to unlock a competitive advantage, accelerate its gas production and facilitate the Northern Territory Eastern Gas Interconnect (NEGI) into the eastern seaboard market.
Central’s employment philosophy is to maximise opportunities within the communities in which it operates. Central has developed three important employment strategies to sustain its Northern Territory operations:
- Family Values for Working Families – Central aims to maximise the number of employees who can commute daily from their homes in Alice Springs.
- Northern Territory for Northern Territorians – Central employs people in remote locations and, as often as possible, will endeavour to employ Alice Springs based people who can be “bussed” to the fields rather than relying on Fly-in-Fly-Out workers from elsewhere in Australia.
- Traditional Values for Traditional Owners – Central is committed to training and employing people on whose land it operates. Already approximately 30% of our operational employees are indigenous.
As well as our focus on engaging with local communities, we remunerate our staff with annual salaries and long term incentives. For more details on our long term incentives please see here.
Central’s prospects for growth are supported by the company’s core values and revitalised operating philosophy, specifically:
- Unlocking Australia’s vast energy potential
- Clear focus on producing oil and gas reserves in Australia
- Developing expertise through Exploration and Operation in central Australia’s basins
- Making a positive difference in the communities in which we operate.
These core values aim to place Central as a corporate leader and attractive partner striving to contribute in a positive and long-lasting way to Australia’s energy future.
The Corporate Goal of the Company is “to unlock the vast energy potential within central Australian basins at a critical time in Australia’s domestic energy market.”
The Company aims to achieve its Corporate Goal by:
- Consolidation of proven and prospective acreage
- Focus on big targets
- Early oil target monetisation via existing infrastructure
- Application of value adding technology – Micro LNG etc
- Farmouts/joint ventures
- Simultaneous development of multiple options