CEO and Board CommentaryCentral’s Board and Management believe...

CEO and Board Commentary
Central’s Board and Management believe theTransaction to be a majorstepinexecutingthe
Company’s strategic objectives. The Transaction will underwrite further exploration and
development in the Amadeus Basin and releases a portion of the inherent value in our
operating assets,acquiredonly6 years ago.
Leon Devaney,Central’sManaging Director and CEO said:“Having beenso closely involved
in the acquisition of ouroperatingassets, I amnowexcited to see the value, created over what
have been difficult market conditions,partially released. Not only are we paying down debt
andreducing ourliabilities,butour remaining interests will have significant near-term growth
upsidewithout funding from Central, withcirca$100millionofJVinvestmentin development,
appraisal and explorationinourAmadeus Basinassets.”
MrDevaneyadded: “I amalsovery excited to be working with NZOGand Cueto extractfull
value from ourAmadeus Basinoperating assets. NZOG, throughtheir major shareholder the
Ofer Global Group, has strong financial capacity anda similar approach to Central to maximise
shareholder valueand creategrowthfrom a strong operating foundation.”
“Emerging fromthe 2020 downturn, we set an aggressive growth strategy for the business,
and with today’s announcement wecontinue todeliveron that strategy. Withour Range Pilot
Programunderwayand FID targeted for 2022,significantdevelopmentactivities across our
operating assets, andtwosignificantexploration wells now funded forcommencement in
2021, this is anexciting time for Central’s shareholders”.
Andrew Jefferies, CEO of NZOG said“We have watched with admiration Central’s growth in
the Amadeus over the past few years, and see real alignment in terms of scale, culture, values
and technical expertise, so I am pleased to combine our efforts to further develop these
remarkable fields and provide additional gas into the burgeoning Australian market. Like us,
Australia sees clean burning natural gas as the key to transitioning to the low carbon future.”
Matthew Boyall, CEO of Cuecommented on the transaction, “Cueis excitedto beentering
into thistransaction withCentral, who have proven themselvesto bestrongoperator of these
fields,andlooksforwardtoworkingtogetherontheplannedgrowthactivities.”

This was from May 2021, now they want an independent r/v, lol.