Central Petroleum Limited (ASX:CTP) Half Year Results - Reports $2.5 Million Net Profit
Half Year Results: Central reports strong cash position and $2.5 million net profit
Half Year Results - Reports $2.5 Million Net ProfitBrisbane, Feb 23, 2021 AEST (ABN Newswire) - Central Petroleum Limited (
OTCMKTS:CNPTF) today reports a net profit after tax of $2.5 million for the half year to 31 December 2020, continuing solid financial performance despite the market downturn experienced in 2020. This is up 15% on the previous half year due to lower exploration activity, corporate cost savings and lower interest and depreciation charges.
Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration was $12.9 million, This is an increase of 51% on the previous six months to 30 June 2020 excluding the benefit of the $7.7 million settlement for the transfer of a 50% interest in the Range CSG Project, reflecting our effective term-gas contracting strategies, cost containme
Australia: Central Petroleum announces half-year results
23 Feb 2021
Central Petroleum has reported a net profit after tax of $2.5 million for the half year to 31 December 2020, continuing solid financial performance despite the market downturn experienced in 2020. This is up 15% on the previous half yeardue to lower exploration activity, corporate cost savings and lower interest and depreciation charges.
Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration was $12.9 million. This is an increase of 51% on the previous six months to 30 June 2020 excluding the benefit of the $7.7 million settlement for the transfer of a 50% interest in the Range CSG Project, reflecting our effective term-gas contracting strategies, cost containment initiatives and solid operations at Central’s gas and oil fields in the Northern Territory.
Central Petroleum Limited (ASX:CTP) Dukas Progress Update
OTCMKTS:CNPTF) has been advised by Santos QNT Pty Ltd (
ASX:STO) as the Operator of the EP112 Joint Venture ( EP112 JV ) (Santos 70% / Central 30%) that it requires further time to complete technical studies before a proposal can be put forward for EP112 JV approval in relation to further drilling at the Dukas prospect. No definitive guidance has been provided by Santos in relation to timing for EP112 JV approval on the Dukas drilling program.
As Central announced on 16 July 2020, the intention of the EP112 JV was to make a decision on the Dukas drilling program by the end of 2020. Central is disappointed that no drilling proposal has been put forward but recognises the need for technical confidence when contemplating such a costly onshore well. A decision on the Dukas drilling program remains outstanding at this time.
Australia's natural gas pipeline owners are working to future proof their A$75 billion ($59 billion) in assets amid a global push towards clean energy, running tests to blend hydrogen with gas and produce green methane to replace the fossil fuel. Cashing in on rare bipartisan support for hydrogen across Australia's national and state governments to help cut carbon emissions, pipeline and network owners have already committed A$180 million to a range of projects involving green hydrogen. "It's a business risk we all need to manage," said Ben Wilson, chief executive of Australian Gas Infrastructure Group (AGIG), owned by units of Hong Kong-based CK Group.
Future proofing: Australia s gas networks look to go green with hydrogen reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.