Central Petroleum Weathers Sales Dip with Strong Contracts

Energy 10

Central Petroleum Limited (AU:CTP) has released an update.

Central Petroleum Limited reported a marginal 1% decline in sales revenue to $8.25 million for the March quarter of 2024 despite a 13% drop in sales volumes, attributing the resilience to higher gas and oil prices and new, more lucrative contracts. The company saw a healthy increase in its cash balance to $24.2 million, supported by positive operating cash flow and final deliveries of pre-sold gas which is expected to boost annual cash flows by over $6 million. Additionally, Central Petroleum extended a $5 million loan facility and signed new gas supply agreements, positioning itself for future growth.

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This article was originally published by a www.tipranks.com

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