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New Zealand Oil & Gas Limited ( (AU:ECH) ) just unveiled an update.
Central Petroleum has completed the drilling of the Mereenie development well WM29 ahead of schedule to address gas shortages in the Northern Territory. The completion of this well, alongside the commencement of drilling for WM30, is expected to boost production capacity and facilitate additional gas sales, potentially enhancing the company’s cash flow and market position.
More about New Zealand Oil & Gas Limited
Central Petroleum Limited is an Australian oil and gas producer listed on the ASX, mainly operating in the Northern Territory. It is the largest onshore gas operator in the NT, supplying gas to both residential and industrial customers locally and on the east coast of Australia. The company aims to expand as a domestic energy supplier, with exploration and development plans in the Amadeus Basin, which holds significant conventional gas prospects.
YTD Price Performance: 0.0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $46.4M
See more insights into ECH stock on TipRanks’ Stock Analysis page.
