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.
Central Terminates Farmout Agreement with Peak Helium
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