Central Petroleum reports higher revenue in Q1
Australian oil and gas producer Central Petroleum on October 29 reported a 2.8% quarter/quarter increase in revenue during the three months to September 30 (Q1) owing to firmer oil prices.
Total sales revenue in Q1 was A$15.9mn ($12mn) compared with A$15.4mn recorded in the preceding quarter. Sales volumes were steady at 2.58 petajoule equivalent compared with 2.57 PJe sold in the June quarter.
Unit sales price across the portfolio increased by 2.3% compared with the June quarter, reflecting strong demand from higher-priced gas contracts and higher oil pricing, Central said.
Central’s revenues from October 1 will reflect a reduced share of production following the completion of the sale of 50% of its interests in the producing fields to New Zealand Oil & Gas (Nzog) and Cue Energy. On October 1, Central completed the sale of its interests in the Mereenie, Palm Valley and Dingo fields to Nzog and Cue for A$85mn.
The company is expected to book a profit of about A$35mn and the proceeds will fund a programme of development and exploration in those fields.