Central Petroleum Limited executed a gas supply agreement with South32

Central Petroleum Limited (ASX: CTP) announced that it had entered into a Gas Supply Agreement with South32 Cannington Pty Ltd for 0.55 PJs of gas supply over two years, starting 01 January 2023. The agreement is for a firm gas supply to Mt Isa, with take-or-pay provisions and a price that increases with the consumer price index.

Gas provided under the agreement will be combined with existing Mereenie gas supply from MM, NZOG, and Cue to supply up to a total of 2.19 PJs to South32 over the 2-year time period. The company anticipates bringing more gas to market from 2023 now that it has completed its current Palm Valley 12 well and following scheduled development activity at Mereenie.

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