Cue Energy Resources Limited (AU:CUE) has released an update.
Central Petroleum Limited has announced the approval to drill two new development wells at the Mereenie Oil and Gas Field, aiming to boost field production and meet the demands of the recently signed Gas Sales Agreements with the Northern Territory Government. With an investment of approximately $8 million from Central’s own cash reserves, the project promises to enhance gas production significantly, targeting commencement in the first half of 2025. The initiative responds to market demands and is expected to contribute to a substantial increase in Central’s free cash flow within the next 12 to 24 months.
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