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The latest announcement is out from Horizon Oil Limited ( (AU:HZN) ).
Central Petroleum Limited has successfully completed the Mereenie development well WM29 and commenced drilling the second well, WM30, in response to gas shortages in the Northern Territory. The completion of these wells is expected to significantly enhance production capacity, with the potential to supply additional firm gas to newly executed agreements, thereby bolstering cash flow and reinforcing Central’s position in the energy market.
More about Horizon Oil Limited
Central Petroleum Limited is an ASX-listed Australian oil and gas producer with exploration and appraisal permits primarily in the Northern Territory. It is recognized as the largest onshore gas operator in the region, supplying both residential and industrial customers across the Northern Territory and the broader east coast market of Australia. The company aims to expand as a major domestic energy supplier, focusing on helium and naturally occurring hydrogen in addition to its core gas operations.
YTD Price Performance: 35.00%
Average Trading Volume: 29,971
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $191M
For detailed information about HZN stock, go to TipRanks’ Stock Analysis page.
