Central Petroleum Limited of Perth, has announced that it has received formal notification confirming the relinquishment of its geothermal exploration permits. The Board's decision to relinquish these non-core assets was a result of the Company's ongoing asset portfolio review.
The three geothermal exploration permits were considered to be non-core relative to Central's other conventional and unconventional acreage holdings, particularly in light of the recent conventional oil discovery at Surprise in the Amadeus Basin and the near-term financial commitments which will be required to appraise that field.