Central Petroleum Limited (ASX:CTP) has outlined plans to expand its shale gas play and dispose of its coal assets for $1.8 million.
The exploration and production company says it has been named as the preferred applicant for an area in Western Australia’s portion of the Amadeus basin.
The area fills a gap between the company’s existing permits in Western Australia and its Northern Territory permits.
Central Petroleum has also inked a deal to sell its coal assets - subject to finishing due diligence the company expects to complete the sale in May 2013.
Central Petroleum booked a net loss of $8.9 million in the first half of its 2013 financial year.
