Central Petroleum's joint venture partner, Peak Helium, is facing financial challenges that may impact its ability to fund its obligations for the planned three-well sub-salt exploration program in partnership with Santos. The program aims to explore for helium, naturally-occurring hydrogen, and natural gas in the Amadeus Basin. However, with overdue payments of over A$3 million owed to Central from Peak Helium, there are uncertainties surrounding Peak Helium's ability to proceed with the funding agreement, potentially leading to delays or modifications to the exploration program. Central will explore options for recovering the owed funds while working with Santos to address the situation and safeguard their legal rights.
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