Shares in Central Petroleum Limited
(ASX:CTP) spiked more than 30 per cent in morning trade after providing an update for its Dingo Gas project and announcing early gas sales.
The Northern Territory-focused explorer has struck a deal with Power and Water Corp for the early sale of gas under a gas sale and purchase agreement executed in 2012.
Under the new arrangement Central will start selling gas from its Palm Valley Gas Field in advance of the commencement of the Dingo Gas Field.
Central advises the Dingo Gas Field remains on schedule and under budget and slated for completion in the second quarter of this year.
Central Petroleum reported a net loss of $10.85 million in the 2014 financial year.
