Central Petroleum Limited (Company or Central) announced Monday the Dingo Gas Project pipeline and plant in Australia's Northern Territory has been successfully commissioned and the necessary regulatory approvals to operate being obtained.
The Project was completed ahead of schedule and 10 percent below budget which also satisfies the Company’s requirements to have a physical connection to the Owens Springs Power Station ready in order to deliver gas under the Gas Sales Agreement. Actual physical Dingo gas sales will commence as soon as the customer’s engineering and tie-in to the Company’s delivery point at Owen Springs Power Station has been completed.
In establishing the Dingo Gas Project, Central has developed three important employment strategies to sustain its Northern Territory operations:
“Less than 12 months ago (March 31, 2014), Central acquired the gas assets from Magellan in Central Australia. Strategically it was important to Central for its future cash flows to be underpinned by stable, inflation–indexed, Australia dollar denominated domestic gas contracts. The completion of the Dingo Gas Project is an important milestone in the implementation of this strategy enabling Central to supply the domestic gas market from two distinct established conventional fields centred near Alice Springs”, said Richard Cottee, Central managing director.
“It is testimony to the professional experience of Mike Herrington’s team that the project could be delivered on time and well within budget in such trying economic climate.”
“Our employment strategy is important to underpin the long term sustainability of Central’s operations in the Northern Territory. Work practices that facilitate and encourage families and indigenous people to live and work locally helps build skills, wealth and a better future for our whole local community in which we live and operate”, Richard Cottee said.
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