Central Petroleum Rebounds Despite Pipeline Challenges

Central Petroleum Limited (AU:CTP) has released an update.

Central Petroleum Limited faced a 7% decline in sales volume and an 8% decrease in margin in FY2024, primarily due to outages at the Northern Gas Pipeline, but improved their outlook with new contracts and higher expected prices. The company’s net profit turned around from an $8.0 million loss in FY2023 to a $12.4 million profit, aided by a significant asset sale and reduced exploration and administration costs. Despite lower revenues, the future looks promising with new Mereenie wells coming online by the end of FY2025 and firm contracts set to stabilize volumes.

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