News: CTP Central Petroleum updates on Macquarie SCT's acquisition proposal

Nov 21 (Reuters) - Central Petroleum Ltd (CTP)

• Central petroleum - board of central has agreed that Macquarie can conduct confidential due diligence, with view to macquarie developing improved proposal
• Central petroleum -"Macquarie is not be bound to make a formal offer and has no entitlement to any break fee if central proceeds with another proposal"
• Board of directors of central determined that proposal is not in best interests of shareholders
• Central petroleum -refers to Macquarie Sct Pty Ltd's unsolicited, indicative and non-binding proposal to acquire 100 per cent of issued capital of co