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Revenue steadies for Central

Central Petroleum revenue

Central Petroleum has recorded $8.25 million for the March 2024 quarter, down one per cent on the prior quarter, due to higher average gas and oil prices.

Sales volumes were 13 per cent lower than the prior quarter at one petajoule equivalent due to transportation constraints driven by the suspension of Northern Gas Pipeline operations from mid-February.

Central Petroleum recorded a positive operating cash flow of $5.5 million, which was boosted by the receipt of $1.6 million for contracted gas paid for by customers.

Cash balance increased to $24.2 million, up from $21.4 million on the December quarter.

The company also made significant progress across its gas supply agreements.

Central agreed to supply up to 6.85 petajoules of gas to Arafura’s Nolans rare earths project over five years from 2026.

In April 2024, the company entered into an as-available supply agreement with Power and Water Corporation in the Northern Territory for the supply of up to 2.1 petajoules of gas until the end of 2024.

The company also had final deliveries of pre-sold gas. This included gas which was pre-sold in 2020, which was delivered by December 2023, releasing additional gas volumes for sale on usual cash terms from the most recent quarter.

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