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    Central Petroleum Reports Profit Drop in Jul-Dec

Summary

The Australian explorer's sales volume dropped sharply.

by: Shardul Sharma

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Central Petroleum Reports Profit Drop in Jul-Dec

Australian explorer Central Petroleum on February 23 reported a net profit of A$2.5mn (US$2mn) during the six months to December 31 (H1), down 20.7% year/year owing to lower product prices and reduced sales volume.   

The company’s gas sales volume was 4,890 terajoules, down from 6,863 terajoules while 0il and condensate sales volume dropped 23.9% yr/yr. Sales revenue was down 19% yr/yr. 

Meanwhile, the company said that Santos, which operates the Dukas prospect in EP112 in the Northern Territory’s Amadeus basin, requires further time to complete technical studies before a proposal can be put forward in relation to further drilling.  

“No definitive guidance has been provided by Santos in relation to timing for EP112 JV approval on the Dukas drilling programme,” Central said. Santos has 70% interest in the project while Central has the remaining 30%.  

Central announced in July last year that the JV will make a decision on the Dukas drilling programme by the end of 2020. 

“The delay in progressing a drilling programme at the Dukas prospect is frustrating but it is beyond Central’s control,” CEO Leon Devaney said. “We will continue to work constructively with Santos to accelerate an EP112 JV decision.” 

Dukas is one of the largest‐known onshore conventional gas prospects in Australia, according to Central.