Central Petroleum Limited has over the past six months undertaken a comprehensive updated analysis of its exploration portfolio, using its recently augmented internal exploration capabilities and independent external verification. This strategic portfolio review is now complete, defining a CY2020 exploration programme that will reinvigorate exploration in Central’s Amadeus Basin permits. Successful exploration results will drive the Company’s growth beyond 2020.

Key points

• Exciting CY2020 exploration programme that consists of five high-graded drillable prospects and two appraisal tests in Central’s Amadeus Basin tenements in the Northern Territory (NT);
• The estimated aggregate prospective resources contained within the prospects (net to Central) are:
   

• In addition, the programme will provide a potential pathway to converting 2C contingent resources of 54 PJ (Central share) to reserves with a targeted Mereenie Stairway appraisal program;
• The CY2020 exploration targets reflect a range of low to moderate-risk opportunities which have been prioritised based on compelling investment justifications, including rapid commercialisation, attractive brownfield economics, proximity to existing infrastructure, and drill-ready in CY2020;
• The CY2020 exploration program is estimated to have a total cost of $51 million. Central will seek farminees for a minority interest in these exploration targets and
• possibly in the associated operating assets (Mereenie, Palm Valley, Dingo and Surprise) in order to fully fund the CY2020 exploration programme;
• A longer-term play-based portfolio analysis is underway to identify and prioritise lessmature, but potentially company changing, exploration targets from Central’s 180,000km² of underexplored and producing basins in the NT and Qld; and
• A forward plan for completion of the suspended Dukas-1 exploration well is currently being formulated by Central and its joint venture partner and will be communicated to the market when finalised. 

Link to Central Petroleum Australia country profile