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The latest announcement is out from New Zealand Oil & Gas Limited ( (AU:ECH) ).
Central Petroleum Limited has successfully commenced production from the newly drilled West Mereenie 29 (WM29) well, which exceeded pre-drill expectations with an initial production rate double the anticipated 3 TJ/d. This success, attributed to updated drilling techniques, enhances the Mereenie field’s gas sales capacity to at least 30 TJ/d, supporting the Northern Territory’s gas market needs amid current supply gaps. The upcoming completion of West Mereenie 30 (WM30) is expected to further bolster production, reflecting Central’s strategic progress and market responsiveness.
More about New Zealand Oil & Gas Limited
Central Petroleum Limited is an established ASX-listed Australian oil and gas producer with exploration and appraisal permits in the Northern Territory. It is the largest onshore gas operator in the NT, supplying both residential and industrial customers in the NT and the wider Australian east coast market. The company aims to become a major domestic energy supplier, with plans involving helium and naturally occurring hydrogen across extensive tenements in the NT, including significant onshore conventional gas prospects in the Amadeus Basin.
YTD Price Performance: 0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $51.64M
For an in-depth examination of ECH stock, go to TipRanks’ Stock Analysis page.
