Central Petroleum has reported EBITDAX for the half year to 31 December 2023 of $8 million, a 53 per cent increase from the first half of FY2023.
The company told the ASX that after absorbing the costs of exploration activities, finance and depreciation, and recognising a $13.8 million profit on the sale of its interest in the Range gas project, Central Petroleum has recognised a statutory net profit of $13.9 million.
This is compared to a loss of $11.2 million in the corresponding period last year.
Since June 2023, the company completed the sale of its interest in the Range project, noted a cash balance of $21.4 million and net debt of $4.4 million and entered into new gas supply agreements.
This included Incitec Pivot Fertilisers, South32 and Arafura’s Nolans rare earth project.
Central also extended the availability period of its undrawn $5 million debt facility until 30 September 2024.
Central managing director Leon Devaney will deliver an online presentation of the half year results as well as an update on business strategy in the near future.
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