Tellimer

AU : Central Petroleum - Monetises production to pursue growth

Announced sale of half of its producing interests in the Amadeus Basin. Total consideration A$85m (A$29m upfront), compares to our valuation of A$73m. ~A$1/GJ price outcome positive given minority interest in onshore gas operations given the high transport cost for the Amadeus Basin. CTP plans to pay down A$30m of its debt facility. We appreciate the rationale of the transaction and consideration secured. But given the risk profile of the new growth it has seen our valuation decrease. We maintain our HOLD rating with an A$0.13 target price.


Most Viewed See latest
Disclosures

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers