Central Petroleum (ASX: CTP) holds an extensive package of prospective acreage of over 270,000 km2 in central Australia, which is predominately in the Pedirka Basin, along with 25,000 km2 in the Southern Georgina Basin.
Apart from conventional gas potential, the company has had independent estimates of over 10,000 trillion cubic feet in UCG "syngas" prospective recoverable resources.
Central Petroleum (ASX: CTP) has received an application by former managing director John Heugh seeking an injunction in the Supreme Court of Western Australia.
The injunction is to prevent the company from:
- taking steps to call a general meeting to consider a resolution that Heugh be removed as a director of the company; or
- from moving such a resolution at any general meeting pending the hearing and determination of Heugh’s legal action disputing the company's termination of his employment.
Central Petroleum said it will defend and oppose the injunction application vigorously.