Central will remain Operator of the Sale Assets. Under the binding sale and purchase agreement and other facilitating agreements, which are subject to certain conditions precedent being satisfied, the NZOG Entities will together acquire 50% of Central's current working interest in the Sale Assets ("Sale Assets Interest"). O Central retains its existing interests in significant growth opportunities not included in the Transaction, including: the Range Coal Seam Gas Project (50%), EP82 Dingo Satellite Area ("DSA") including the Orange-3 target (100%), EP115 including the Zevon multi-Tcf sub-salt target (100%), and EP112 including the Dukas multi-Tcf sub-salt target (30%). O Maintains Central's role as Operator for the Mereenie, Palm Valley and Dingo fields and O Introduces aligned and capable joint venture partners with strong financial and technical capability to create future value from Mereenie, Palm Valley and Dingo O Diversifies geological, exploration and development risk through a new joint venture O Balance sheet improvement through debt repayments and transfer of other deferred gas supply liabilities, totalling circa $50 million, resulting in a significant reduction in Central's gearing and net debt
O Accelerates growth through a $40 million "carry" of near term exploration, appraisal and development, equating to approximately $100 million in gross JV investments O Value accretive pricing with a strong signal for the underlying value and quality of Central's Amadeus Basin Producing Assets
Central will repay $30 million of the Macquarie Bank loan facility in the completion quarter.Ĭentral will achieve the key objectives established for the transaction, including: The Transaction "carry" of $40 million net to Central covers payment of certain of Central's JV expenditure obligations for near-term development and growth activities across the Sale Assets with a total gross JV cost of $100 million, including two committed exploration wells (Palm Valley Deep and Dingo Deep, with options to complete these wells as producers from the existing production intervals) as well as two development wells currently progressing at Mereenie. The Transaction is expected to result in an after-tax accounting profit net to Central of circa $35-$40 million on the sale. The Transaction is expected to complete in Q3 2021 with consideration value to be circa $85m to Central at the expected completion date. O a completion adjustment for net cash flows generated between the effective date and the completion date. O $23 million (Central's book value at the effective date) through an assumption by the NZOG Entities of obligations to supply up to 4.9 PJ of gas (50% interest acquired at the effective date) which has previously been paid for but not delivered under pre-sale or 'take-or-pay' arrangements and O $40 million payment by way of "carried" funding for Central's share of near-term development, appraisal and exploration activities, including a committed two-well exploration programme at Palm Valley and Dingo to commence this year
O an upfront cash payment of $29 million The Transaction comprises a sale of a 50% interest in Central's share of the Sale Assets, with an effective date of 1 July 2020 in return for consideration comprising of: The assets being sold under the Transaction consist of 50% of Central's interests in its producing assets in the Northern Territory, namely, Mereenie Oil and Gas Field (OL 4/5) ("Mereenie") Palm Valley Gas Field (O元) ("Palm Valley") and Dingo Gas Field (L7) ("Dingo") (the producing assets together, the "Sale Assets" or "Amadeus Basin Producing Assets"). Sale Underwrites Significant Investment in the Amadeus Basin Brisbane, AEST (ABN Newswire) - Central Petroleum Limited ( ASX:CTP) ( C9J:FRA) ( CNPTF:OTCMKTS) is pleased to announce it has entered into a binding agreement with New Zealand Oil and Gas Limited ( ASX:NZO) and Cue Energy Resources Limited ( ASX:CUE) of which NZOG is a 50.04% shareholder, and certain of their respective wholly owned subsidiaries, (together, the "NZOG Entities") to sell 50% of Central's current working interest in its Amadeus Basin Producing Assets for total consideration valued at circa $85 million (the "Transaction").
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