New Zealand Oil & Gas Limited (AU:ECH) has released an update.
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Central Petroleum Limited has commenced drilling the WM29 well, the first of two development wells aimed at boosting production capacity in the Mereenie field. The company expects the new wells to significantly enhance gas output, which could be sold to generate additional cash flow, thus strengthening its position in the domestic energy market. Investors may find this development promising as the company seeks to expand its footprint in the Australian energy sector.
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