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Central Petroleum Limited ( (AU:CTP) ) has shared an announcement.
Central Petroleum Limited has completed the drilling and completion of its second Mereenie production well, WM30, with the Ventia Rig 101 released on February 19, 2025. The well was drilled to a depth of 1,620 meters and is expected to be tied into the Mereenie production facilities in early March. The first well, WM29, exceeded expectations with a production rate of 5 TJ/d, and WM30 is anticipated to perform similarly. The drilling program was completed ahead of schedule and under budget, positioning Central Petroleum favorably in the tight gas market as it seeks to enhance production capabilities.
More about Central Petroleum Limited
Central Petroleum Limited is an established Australian oil and gas producer listed on the ASX under the code CTP. The company operates primarily in the Northern Territory (NT) and is the largest onshore gas operator in the region. It supplies gas to residential and industrial customers both in the NT and the wider Australian east coast market. Central Petroleum aims to become a major domestic energy supplier, focusing on gas as well as helium and naturally occurring hydrogen, with significant exploration and development plans across 169,112 km² of tenements in the NT, including the Amadeus Basin.
YTD Price Performance: 28.00%
Average Trading Volume: 642,054
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$47.7M
For detailed information about CTP stock, go to TipRanks’ Stock Analysis page.
