Central Petroleum's Half Year Results and Key Highlights

Central Petroleum Limited (ASX: $CTP) has reported its Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) for the half year to 31 December 2023, showing a significant increase of 53% from the first half of FY2023. The company also recognized a statutory net profit after tax of $13.9 million, compared to a loss of $11.2 million in the corresponding period last year. The Group completed the sale of its interests in the Range gas project, recording a profit of $13.8 million. Additionally, Central reported a closing cash balance of $21.4 million at 31 December 2023 and net debt of $4.4 million.

Executive Commentary on Half Year Results and Future Plans

Central's Managing Director and CEO, Leon Devaney, stated, 'We are pleased with the significant increase in our EBITDAX and the turnaround from a loss to a profit in the corresponding period last year. The completion of the sale of our interests in the Range gas project has contributed to this positive outcome. The new gas supply agreements and the extension of our undrawn debt facility demonstrate our commitment to strategic growth and financial stability. We look forward to delivering an online presentation of the Half Year Results and providing an update on our business strategy and current activities in the near future.'

Summary of Central Petroleum's Half Year Results and Future Outlook

Central Petroleum (ASX: $CTP) has reported a 53% increase in EBITDAX for the half year to 31 December 2023, along with a statutory net profit after tax of $13.9 million, marking a significant turnaround from the corresponding period last year. The completion of the sale of interests in the Range gas project and the new gas supply agreements reflect the company's efforts to strengthen its financial position and expand its market presence. With plans for an online presentation of the Half Year Results and an update on business strategy, Central Petroleum remains focused on its growth trajectory and aims to solidify its position as a major domestic energy supplier in the Australian market.