New Zealand Oil & Gas Limited (AU:ECH) has released an update.
Central Petroleum Limited has announced the approval to drill two new development wells at the Mereenie Oil and Gas Field, with the expectation to boost production capacity and contribute significantly to the local gas supply. The $8 million investment is poised to enhance field production to over 30 TJ/d, driving a substantial increase in Central’s free cash flow over the next few years. The project, backed by recent Gas Sales Agreements, will leverage existing infrastructure to ensure low production costs and is scheduled to start drilling by the year’s end with gas production commencing in the first half of 2025.
For further insights into AU:ECH stock, check out TipRanks’ Stock Analysis page.
