Central Petroleum has sold its 50 per cent interest in the Range Gas Project (ATP 2031) in Queensland’s Surat Basin to Senex Energy.
The company sold its stake for AUD$12.5 million by way of a sale of Central’s wholly owned subsidiary, Central Petroleum Eastern.
The transaction is not subject to conditions precedent and completion is expected by the end of November 2023.
Central Petroleum managing director and chief executive officer Leon Devaney said the sale will assist the company in balancing its portfolio.
“Exiting the Range Project is consistent with our strategic review and frees up significant capital, providing Central with enhanced financial strength as we focus on the balance of our portfolio and pursue other strategic options available to the company at this time,” Devaney said.
The announcement follows the company’s recent financial results, where Central announced its producing fields continue to supply gas into markets, with next year to be a period of key milestones and decisions.
During this financial year, Central Petroleum brought the Palm Valley 12 well online, following it being successfully drilled, completed and tied into the Palm Valley processing facilities and flowed gas to market in November 2022.