Central Petroleum reports higher revenue in Q1
Australian oil and gas producer Central Petroleum on October 29 reported a 2.8% quarter/quarter increase in revenue during the three months to September 30 (Q1) owing to firmer oil prices.
Total sales revenue in Q1 was A$15.9mn ($12mn) compared with A$15.4mn recorded in the preceding quarter. Sales volumes were steady at 2.58 petajoule equivalent compared with 2.57 PJe sold in the June quarter.
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Unit sales price across the portfolio increased by 2.3% compared with the June quarter, reflecting strong demand from higher-priced gas contracts and higher oil pricing, Central said.
Central’s revenues from October 1 will reflect a reduced share of production following the completion of the sale of 50% of its interests in the producing fields to New Zealand Oil & Gas (Nzog) and Cue Energy. On October 1, Central completed the sale of its interests in the Mereenie, Palm Valley and Dingo fields to Nzog and Cue for A$85mn.
The company is expected to book a profit of about A$35mn and the proceeds will fund a programme of development and exploration in those fields.