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Horizon Oil Limited ( (AU:HZN) ) has provided an announcement.
Central Petroleum has announced that its new West Mereenie 29 well has been successfully tied-in and has commenced gas sales, achieving a production rate of 7 TJ/d, which is double the pre-drill expectations. This result, attributed to updated air drilling techniques, enhances the company’s Mereenie sales capacity and highlights the reliability of onshore production amidst market demand due to the Blacktip production halt. The second well, WM30, is expected to further increase capacity when it comes online in early March.
More about Horizon Oil Limited
Central Petroleum Limited is an established Australian oil and gas producer listed on the ASX. It holds exploration and appraisal permits in the Northern Territory (NT) and is the largest onshore gas operator in the region. The company supplies gas to residential and industrial customers in the NT and the Australian east coast market. Central Petroleum is also exploring opportunities in helium and naturally occurring hydrogen across 169,112 km² of tenements, including significant onshore conventional gas prospects in the Amadeus Basin.
YTD Price Performance: 36.36%
Average Trading Volume: 29,928
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $207.6M
Find detailed analytics on HZN stock on TipRanks’ Stock Analysis page.
