Brisbane, Australia, May 13, 2014 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (Central or Company) has accepted all regulatory conditions clearing the way for the grant of the Dingo Petroleum Production Licence 7 (PL7).
Central recently acquired the Dingo Gas Field. The Northern Territory Minister for Mines and Energy offered to grant PL7, which will convert from a Retention Licence to a Production Licence permitting gas production from the Dingo Gas Field.
Central has written to the Northern Territory Department of Mines and Energy accepting the offer and its conditions.
"Prior to 2014 the Company had no production licence and in the last three months the Company now has been offered two production licences, with PL7 marking the beginning of the Dingo Gas Field Development", said Managing Director, Richard Cottee.
"First gas sales to Power and Water Corporation in Alice Springs are expected to commence in the first quarter of next year if the Company is able to obtain NT Government approval for the pipeline and all other clearances are provided as planned."
"The Dingo Gas Field Development is fully funded under a Loan Facility Agreement with Macquarie Bank with construction consisting of wellhead facilities, gathering pipelines, gas conditioning facilities, a 45km sales gas pipeline to Brewer Estate in Alice Springs, compression and custody transfer metering facilities", said Mr Cottee.
About Central Petroleum Limited:
Central Petroleum (ASX:CTP) is an ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia.