Quarterly Activities Report & Appendix 5B
| Stock | Central Petroleum Ltd (CTP.ASX) |
|---|---|
| Release Time | 31 Oct 2025, 9:35 a.m. |
| Price Sensitive | Yes |
Central Petroleum Reports Quarterly Activities and Financials
- Sales volumes 4.5% lower due to lower seasonal demand, pipeline issues, and oil offtake constraints
- Sales revenue 6.6% lower than record Q4, but take-or-pay provisions provided cash flow protection
- Reserves upgraded at Mereenie and Dingo, replacing 98% of FY2025 production on 1P basis
Central Petroleum Limited reported its quarterly activities and financial results for the period ended 30 September 2025. Sales volumes were 4.5% lower than the previous quarter at 1.11 PJe, due to a combination of lower seasonal demand, an extended closure of the Northern Gas Pipeline, temporary pipeline pressure restrictions, and partial oil offtake constraints at the Mereenie field. Sales revenue for the quarter was $11.2 million, 6.6% lower than the record high June quarter, driven by the lower volumes and slightly lower sales prices. However, contracted take-or-pay provisions provided some protection for cash flows. The average delivered unit sales price for the portfolio was $10.15/GJe, 2.2% lower than the previous quarter but 28% higher than the same quarter last year. The company's operating cash inflows were $0.6 million, impacted by the lower sales revenues, a catch-up of overlift gas payments, and staff incentive payments. Central's cash balance at the end of the quarter was $26.7 million. Importantly, the company reported a 9% increase in 2P oil and gas reserves at Mereenie, effectively replacing 178% of Mereenie's FY2025 production, and a 6% increase in 1P Dingo gas reserves, replacing 142% of FY2025 production. In October, Central secured a new Gas Supply Agreement to supply 1.3 PJ of gas over two years from 31 December 2025, providing increased cash flow certainty.
Central's expected firm gas production from existing wells is now fully contracted until the end of 2027.
Central continues to seek a variety of oil specification mitigations and alternative commercial arrangements to return to maximum oil and gas production from Mereenie as quickly as possible. The company is also planning a 2D seismic acquisition program in EP115 to be conducted in 2026.