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 been granted a trading halt by the ASX ahead of an announcement relating to Petroleum Nominees Pty Ltd’s start of legal proceedings on 11 April 2012.
Petroleum Nominees attempt to place an injunction on the company’s A$11 million placement was dismissed by the Supreme Court of Queensland.
The court also ordered Petroleum Nominees to file and serve an application for leave under section 237 of the Corporations Act and for further directions. Should leave be granted, it should then serve Central Petroleum a draft statement of claim setting out both the claims it makes on its own behalf in the proceeding and the claims it seeks to pursue on the company's behalf.
Central’s shares will remain in pre-open until the earlier of an announcement to the market or the commencement of trading on Monday 30 April.
Meanwhile, the company had on Tuesday 24 April said that a request by shareholders representing 6.38% of its total shareholding to hold a general meeting for the replacement of three of the company’s directors – chairman Dr Henry Askin and non-executive directors Richard Faull and William Dunmore – was valid and that it would seek to convene a general meeting.
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