Central Petroleum Limited (CNPTF) Annual Results
Central Petroleum Limited (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) today released its Annual Report for the financial year ending 30 June 2023.
Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) was $15.7 million, on revenues of $39.3 million which reflected strong oil and gas prices. Net loss after tax was $8.0 million, including $13.1 million of exploration expenses.
Highlights for the financial year
- Solid operating results
o Sales revenues of $39.3 million
o Underlying EBITDAX of $15.7 million
o Full year statutory loss of $8.0 million after exploration costs of $13.1 million
- Average sales prices were up 17% on FY2022 at $7.90 / GJe.
- New production brought online
o The Palm Valley 12 well was successfully drilled, completed and tied into the Palm Valley processing facilities and flowed gas to market from late November 2022 at greater than 10 TJ per day.
- Upgrade of gas reserves
o An additional 5.9 PJ of Proved and Probable (2P) gas reserves were added at 30 June 2023, an increase of 8% (before production) to 75 PJe
o Increase reflects drilling and production results at Palm Valley and updated Dingo reservoir modelling.
- New gas sales agreements
o Shell Energy for supply of 0.91 PJ of gas in CY2025; and
o South 32 for supply of 0.55 PJ of gas over two years from 1 January 2023.
- In August 2023, a non-binding MOU was agreed to progress towards a final investment decision for construction of a helium recovery unit at Mereenie, which if successful would demonstrate the potential of the Amadeus Basin as a world-class helium resource.
Central's CEO and Managing Director, Leon Devaney said, "Our producing fields continue to supply gas into strong markets and we are optimistic that high value helium can also be produced from these fields, opening a new revenue stream".
"I expect the next year to be a period of key milestones and decisions for the Company, and remain confident that the value of our existing production and brownfield development opportunities will become increasingly visible", he said.
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