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Central Petroleum
Central says it has completed its first full quarter of production from the Dingo gas project into the Owen Springs Power.
While the Power and Water Corporation has been nominating below take or pay levels which will result in a payment in next January, the project has been generating income, it has still allowed Central to increase its cash balance from $16.3 million to around $17 million.
Sales peaked at 4535GJpd, a new facility and field record, and Central says it has been able to renegotiate several service contracts to reduce operating costs at Dingo.
The company’s Palm Valley field remains on 24-hour standby to underpin Central’s ability to supply NT gas in the event of a gas supply disruption.
During the quarter, Total and Central agreed to a 12 month moratorium on the Southern Georgina Joint Venture as a result of the low oil prices and, as a project, SGJV is well in excess of its permit commitments.
The measure will save around $2 million in our cash flows over the 12 month period, enabling Central to concentrate on capitalising on its gas position in the Amadeus Basin.
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