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New Zealand Oil & Gas Limited ( (AU:ECH) ) has provided an announcement.
Central Petroleum Limited announced the completion of its second Mereenie development well, WM30, which was drilled to a depth of 1,620m. The well is set to be connected to production facilities by early March and is expected to meet pre-drill performance expectations. The drilling program was completed ahead of schedule and under budget, with the first well, WM29, already exceeding production expectations. This development is part of Central’s strategy to boost production in a tight gas market, aiming to enhance value from its assets.
More about New Zealand Oil & Gas Limited
Central Petroleum Limited is an established ASX-listed Australian oil and gas producer with exploration and appraisal permits in the Northern Territory. The company is the largest onshore gas operator in the Northern Territory, supplying residential and industrial customers across the NT and the wider Australian east coast market. Central Petroleum is also exploring opportunities to expand its role as a major domestic energy supplier, including helium and naturally occurring hydrogen, across 169,112 km² of tenements.
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $53.97M
For detailed information about ECH stock, go to TipRanks’ Stock Analysis page.
