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 pending an announcement on changes to the company’s key management personnel, with the company placed in pre-open.
No further details regarding the changes were released.
Late last month Central revealed it is investigating options to spin off its coal assets in the Pedirka Basin, Northern Territory, to maximise shareholder value.
The company said that while the assets had potential to be highly valuable, their poor market visibility thanks to its focus on oil and gas meant the market currently assigned little value to them.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Thursday 17 May.
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