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Central Petroleum Appoints Richard Cottee As CEO Elect

Central Petroleum (ASX:CTP) has appointed ex Queensland Gas Company luminary Richard Cottee as chief executive officer and a director elect.

In a boost for the company, given his track record at QGC, Cottee is likely to focus on farm-out agreements that will fast track development.

In addition he will look to unlock the value of Central's large landholding, reputed to be one of the largest exploration acreage packages in Australia.

Recently, Central's Surprise-1 well flowed oil to surface in the Northern Territory which was the first since the Mereenie oil field in the mid-1960s. It also might be the first Australian onshore horizontal well that has produced oil-to-surface.

The Surprise discovery had seen investors view Central's acreage in central Australia in a new light.