FULL YEAR RESULTS: MAIDEN PROFIT OF $5.4 MILLION

Central Petroleum Limited (ASX:CTP) (“Company” or “Central”) is pleased to announce a
maiden full year profit after tax of $5.4 million for the year ended 30 June 2020.
Highlights
• Record annual sales volumes and revenues:
o Sales volumes up 14% to 12.3 PJE
o Revenues up 10% to $65 million.
• 51% increase in EBITDAX to $33.4 million.
• Maiden full year profit of $5.4 million.
• 16% increase in 2P (proved and probable) reserves to 161.2 PJE.
• Added 135 PJ of 2C contingent gas reserves (Central share) at the Range Gas Project
in the Surat Basin after completion of a successful four well exploration programme.
• Dukas-1 well was suspended after encountering hydrocarbon-bearing gas from an overpressured zone close to the primary target and a forward plan to complete the Dukas
exploration programme is now underway.
• Excellent safety record with no MTIs or LTIs during the year.
• Reduced net debt by 30% to $46.1 million and extended loan facility by 12 months to
late 2021.
• Strengthened the Board with the appointment of Dr Agu Kantsler and Mr Mick
McCormack, both highly respected industry leaders with proven experience in the core
areas critical to Central’s future success.
• Subsequent to the year end, announced an MOU with highly capable partners,
Macquarie Mereenie and Australian Gas Infrastructure Group (AGIG), to progress
towards a final investment decision on a proposed major new pipeline to enable
Central’s NT gas to be transported direct to the Moomba gas supply hub and the larger
south-eastern Australian gas markets with significantly greater cost efficiencies.
Managing Director and CEO, Leon Devaney, explained: “FY2020 has proven to be a year
which has tested our resilience and flexibility and, in so doing, highlighted an often unrecognised pillar of our business strategy: stronger financial foundations through quality
operating assets that protect shareholder value through downturns”.
ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED Page 2
“With a sustainable foundation of producing assets, we are now focused on progressing
several key, Company-changing growth initiatives which target supplying increased gas
volumes into forecast gas shortages in south-eastern markets from 2023”.

courtesy of Bell Direct
==================================================================================================

DYOR

i do not hold this share

and the price drops

"Company-changing growth initiatives, ... " how many times have we read this, ... and "boring annuities", etc. ?

Nothing here focused on share holder value or to look forward to, or to encourage market interest.

All softly, softly approach, all focused only on company itself.

Dukas on hold because of santos, and no exciting "exploration' by central petroleum.

what's this got to do with CTP ?