Central Petroleum Advances Mereenie Development Wells to Boost Gas Production

Cue Energy Resources Limited ( (AU:CUE) ) has shared an update.

Central Petroleum Limited has successfully completed the Mereenie development well WM29, ahead of schedule, to address gas shortages in the Northern Territory. The second well, WM30, has commenced drilling. These developments are set to increase the field production capacity and could significantly enhance the company’s cash flow and market position, especially with potential sales into the Northern Territory Gas Supply Agreement.

More about Cue Energy Resources Limited

Central Petroleum Limited is an established ASX-listed Australian oil and gas producer, primarily operating in the Northern Territory. It is the largest onshore gas operator in the region, supplying both residential and industrial customers across the Northern Territory and the east coast of Australia. The company is aiming to become a major domestic energy provider, with interests in helium and naturally occurring hydrogen, covering a significant area of 169,112 km² in the Northern Territory, including substantial onshore conventional gas prospects in the Amadeus Basin.

YTD Price Performance: 0.0%

Average Trading Volume: 272,813

Technical Sentiment Consensus Rating: Sell

Current Market Cap: A$69.87M

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