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Horizon Oil Limited ( (AU:HZN) ) has shared an update.
Central Petroleum Limited successfully completed the drilling and completion of its second Mereenie production well, WM30, and released the Ventia Rig 101. With the completion of WM29 and better-than-expected production rates, the company anticipates WM30 will perform in line with expectations, contributing to increased production within the tight gas market. The drilling program was completed ahead of schedule and under budget, highlighting a successful operational effort. An update on WM30’s performance is expected in March, indicating significant potential value extraction from Central’s operating assets.
More about Horizon Oil Limited
Central Petroleum Limited is an Australian oil and gas producer listed on the ASX, with exploration and appraisal permits in the Northern Territory. It is the largest onshore gas operator in the NT, supplying gas to both residential and industrial sectors in the NT and the broader Australian east coast. The company aims to become a major domestic energy supplier, expanding into helium and naturally occurring hydrogen, with significant development plans across 169,112 km² of tenements.
YTD Price Performance: 30.0%
Average Trading Volume: 31,401
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $201M
For detailed information about HZN stock, go to TipRanks’ Stock Analysis page.
