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Central Terminates Farmout Agreement with Peak Helium

Central Petroleum terminated its farmout agreement with Peak Helium due to Peak Helium's failure to comply with statutory demands within the allotted time. Peak helium missed a crucial A$3mm payment in Jul'23 which raised questions about sustainability of the joint venture. As a result, Central's subsidiaries will initiate the process to regain ownership of 31% in EP 82 (Mahler), 10% in EP 112 (Dukas), and 6% in EP 125 (Mt Kitty), restoring their joint venture interests to 60%, 45%, and 30% respectively. It is unclear whether this will delay the planned exploration/appraisal drilling programme over the prospects.

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