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Central Petroleum Limited ( (AU:CTP) ) has issued an update.
Central Petroleum Limited announced that the new West Mereenie 29 (WM29) well has started production, achieving double the pre-drill expected rate. This development increases the Mereenie sales gas capacity and aligns with the company’s strategic objectives in the Northern Territory’s gas market. The well’s success, attributed to updated drilling techniques, comes at a crucial time as the Northern Territory requires additional gas supply, emphasizing the reliability of Central’s onshore production.
More about Central Petroleum Limited
Central Petroleum Limited is an ASX-listed Australian oil and gas producer, recognized as the largest onshore gas operator in the Northern Territory. The company supplies gas to residential and industrial customers across the Northern Territory and the broader Australian east coast market. It aims to become a significant domestic energy supplier, with interests in helium and naturally occurring hydrogen and has extensive exploration, appraisal, and development plans in the Amadeus Basin.
YTD Price Performance: 3.77%
Average Trading Volume: 598,301
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$40.99M
For a thorough assessment of CTP stock, go to TipRanks’ Stock Analysis page.
