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    Central sells 50% interest in Northern Territory fields

Summary

New Zealand Oil and Gas and Cue Energy will pay A$85mn to Central for the stake in the three Australian fields.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Corporate, Exploration & Production, News By Country, Australia

Central sells 50% interest in Northern Territory fields

Sydney-listed explorer Central Petroleum has sold a 50% interest in its three Amadeus basin producing fields to New Zealand Oil and Gas (Nzog) and Cue Energy for A$85mn ($66mn), it said on May 25.

The deal, involving Central's Mereenie, Palm Valley and Dingo oil and gas fields, is likely to close in the third quarter of 2021 and is expected to result in an after-tax accounting profit net to Central of about A$35-A$40mn on the sale, the company said.

Central will remain as operator and manage gas sales from the assets on behalf of Nzog and Cue under a joint marketing agreement.