Central Petroleum Limited (AU:CTP) has released an update.
Central Petroleum Limited has announced the approval of two new development wells at the Mereenie Oil and Gas Field, anticipating increased production capacity and a significant boost in gas supply following recent Gas Sales Agreements. The company’s $8 million investment is expected to enhance production capacity to above 30 TJ/d, with drilling by Ventia Australia Pty Ltd set to start by year-end and gas production commencing in the first half of 2025. This strategic move, leveraging existing infrastructure and strong market demand, positions Central to notably increase its free cash flow and support the domestic market.
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