Central Petroleum jumps as production flows

Company News

Central Petroleum Limited’s (ASX:CTP) stock jumped more than 10 per cent yesterday after announcing its Surprise West-1 well has started production. 
 
The Northern Territory-focused explorer reports initial flow rates exceeded expectations and produced about 675 barrels of oil in the first 24 hours. 
 
Central Petroleum says this production from the Surprise Oil Field Development in the Amadeus Basin is the beginning of the company’s first sustained organic regular cash flow.  
 
In the months ahead Central Petroleum has advised the Surprise East-1 drilling campaign is scheduled for the following quarter. 
 
Shares in Central Petroleum jumped 10.87 per cent following yesterday’s announcement to end at $0.51. 
 
Central Petroleum narrowed its net loss to $6.4 million in the first half of the 2014 financial year. 

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