Central Petroleum Limited (Central) (ASX:CTP) is the largest onshore gas producer in the Northern Territory, supplying oil and gas from its Mereenie, Palm Valley and Dingo fields to domestic customers in the Northern Territory and the wider Australian east coast market.
Central aims to become a significant domestic energy supplier and is working towards a final investment decision for the development of the Range Gas Project in the heart of Queensland’s proven coal seam gas precinct – the Surat Basin, targeting first gas by 2024.
In addition, substantial exploration and appraisal targets have been identified within Central’s 180,000 km² of tenements in Queensland and the Northern Territory. Various exploration programs are progressing to appraise these targets.
Australia’s east coast gas market is under-supplied, and Central Petroleum is set to play a key role in satisfying this demand from its portfolio of assets.
Commercial Strategy: “to unlock and commercialise the vast energy potential within Central Australian basins in a sustainable and environmentally responsible manner at a critical time in Australia’s domestic energy supply”. Central aims to achieve this commercial strategy by:
- Targeting early monetisation via existing infrastructure
- Maximising utilisation of existing established infrastructure
- Focusing on lower-risk prospects with significant potential
- Developing an updated play-based exploration portfolio review (currently underway)
- Utilising farm-out arrangements to accelerate / fund higher-risk, higher-return, prospects
- Applying value adding technology – LPG, Micro refinery etc.
Core Values: Central’s commercial strategy is supported by the company’s core values and revitalised operating philosophy, specifically:
- Unlocking Australia’s vast energy potential in a sustainable and environmentally responsible manner
- Clear focus on producing oil and gas reserves in Australia
- Developing specific expertise through exploration and operation in Central Australia’s basins
- Making a positive difference in the communities where we operate.
These core values aim to make Central a corporate leader and attractive partner as we strive to make a positive and long-lasting contribution to Australia’s energy future.