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Central reports 8% drop in full year revenue
Jul 30, 2021 4:20:am
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by: Shardul Sharma
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Central reports 8% drop in full year revenue
Sydney-listed Central Petroleum on July 30 reported a 7.9% year/year drop in sales revenue during the 12 months to June 30, 2021 (FY2020-21) owing to lower sales volume.
Total sales revenue in FY2020-21 was A$59.82mn ($44.2mn) compared with A$65mn in the previous year. Sales volume during the year declined 17% yr/yr, Central said. Total sales revenue in the three months to June 30, 2021 (Q4) was A$15.4mn, down 0.6% quarter/quarter.
Central CEO Leon Devaney said the company is progressing well toward completion for the sale of 50% of its Amadeus basin assets. The deal, involving Central s Mereenie, Palm Valley and Dingo oil and gas fields, was announced in May. Central sold the stake in three fields to Nzog and Cue Energy for A$85mn. It will remain as operator and manage gas sales from the assets on behalf of Nzog and Cue un
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.