CTP central petroleum limited
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News: CTP Central Petroleum Updates On Palm Valley Field Reserves

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    12/06/19
    10:20
    Post #: 39014377

    June 12 (Reuters) - Central Petroleum Ltd (CTP) :

    • ADJUSTMENT TO PALM VALLEY RESERVES RESULTS IN 8.4% REDUCTION IN CENTRAL'S TOTAL 2P GAS RESERVES AS AT 30 JUNE 2018 TO 154.5 PJS
    • INTENDS TO INVESTIGATE OPTIONS TO CONVERT 2C INTO 2P; REVIEW ADDITIONAL PALM VALLEY DRILLING OPPORTUNITIES
    • PALM VALLEY FIELD EXPECTED TO DECLINE FROM AROUND 12.5 TJ/D TO AROUND 5 -7 TJ/D AFTER TWO-YEARS, AND THEN SLOWLY DECLINE THEREAFTER
    • ADJUSTMENT TO PALM VALLEY RESERVES WILL NOT IMPACT ON CENTRAL'S ABILITY TO MEET CURRENT FIRM SALES OBLIGATIONS
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