SYDNEY, AUSTRALIA: Central Petroleum Limited (ASX:CTP) has sold its 50% interest in the Range Gas Project (ATP 2031) in Queensland’s Surat Basin to a wholly owned subsidiary of Senex Energy Pty Ltd, for A$12.5 million by way of a sale of Central’s wholly owned subsidiary, Central Petroleum Eastern Pty Ltd (“CPE”).
The transaction is not subject to conditions precedent and completion is expected by the end of November 2023.
Leon Devaney, Central’s Managing Director and CEO commented “Exiting the Range Project is consistent with our Strategic Review and frees up significant capital, providing Central with enhanced financial strength as we focus on the balance of our portfolio and pursue other
strategic options available to the Company at this time.”
Central was advised by Miro Capital.