Central reports 8% drop in full year revenue
Sydney-listed Central Petroleum on July 30 reported a 7.9% year/year drop in sales revenue during the 12 months to June 30, 2021 (FY2020-21) owing to lower sales volume.
Total sales revenue in FY2020-21 was A$59.82mn ($44.2mn) compared with A$65mn in the previous year. Sales volume during the year declined 17% yr/yr, Central said. Total sales revenue in the three months to June 30, 2021 (Q4) was A$15.4mn, down 0.6% quarter/quarter.
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Central CEO Leon Devaney said the company is progressing well toward completion for the sale of 50% of its Amadeus basin assets. The deal, involving Central's Mereenie, Palm Valley and Dingo oil and gas fields, was announced in May. Central sold the stake in three fields to Nzog and Cue Energy for A$85mn. It will remain as operator and manage gas sales from the assets on behalf of Nzog and Cue under a joint marketing agreement.
“The transaction also allows us to accelerate new growth and exploration activities. Two exploration wells are scheduled to be drilled later this year, with the potential to more than replace Central’s divested reserves within existing producing fields,” Devaney said.
In the Surat basin in Queensland, Central’s three-well Range pilot has been drilled, completed and testing started. “Already flowing small volumes of gas, the pilot will aid in providing key production data for the front-end engineering and design necessary to reach a final investment decision for the Range gas project,” Devaney said.
Central said it is focussed on the sub-salt targets in the Amadeus basin which have the potential for commercial quantities of helium and hydrogen, in addition to hydrocarbons. Devaney said planning for an initial seismic acquisition at Zevon later this year is well advanced and has attracted a grant from the Northern Territory government.
“We also continue to press for progress at our promising Dukas prospect and expect a decision from Santos on their level of participation imminently,” Devaney said.