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Central Petroleum Limited ( (AU:CTP) ) has issued an update.
Central Petroleum Limited has announced that its current Chair, Mick McCormack, will step down from his position by April 2025, with Dr. Agu Kantsler taking over. Under McCormack’s leadership, Central’s financial position improved significantly, highlighted by debt reduction and firm gas production sales at higher prices. The company is now in a positive net cash position for the first time in a decade and plans to be debt-free within five years. The transition is expected to continue the company’s strategic focus on maximizing production efficiencies and exploring new opportunities, strengthening its position in the tightening NT gas market.
More about Central Petroleum Limited
Central Petroleum Limited is an 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 residential and industrial customers in the NT and the wider Australian east coast market. The company aims to become a major domestic energy supplier, exploring helium and naturally occurring hydrogen, across extensive tenements in the NT, including significant onshore conventional gas prospects.
YTD Price Performance: 22.00%
Average Trading Volume: 581,902
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$45.83M
Find detailed analytics on CTP stock on TipRanks’ Stock Analysis page.
