Proactiveinvestors Australia

Central Petroleum www.centralpetroleum.com.au/

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.

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Central Petroleum served with draft statement of claim from Petroleum Nominees

Central Petroleum (ASX: CTP) has been served with the application and draft statement of claim by Petroleum Nominees seeking to overturn the company’s A$11 million placement.

Petroleum Nominees is seeking leave to pursue the claims on the company’s behalf.

Should this be granted, it plans to name chairman Dr Henry Askin; non-executive directors Richard Faull and William Dunmore; former managing director John Heugh; and the various entities that were part of the placement announced on 4 April as defendants.

Under the draft statement of claim, Petroleum Nominees is calling for the company to buy back the shares issued under the placement at the price paid for them and for Central to consider any proposal from Petroleum Nominees for the issue of shares as well as any other proposal and to elect members of the board.

Should this not be possible, Petroleum Nominees is claiming damages for breach of directors duties together with interest and costs.

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