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Central Petroleum Limited ( (AU:CTP) ) has shared an update.
Central Petroleum has reported a strategically significant December quarter, securing a government-backed long-term gas supply framework that, once converted into binding agreements, is expected to provide up to 25.5 petajoules of gas through 2034 and underpin the drilling of four new wells at the Mereenie and Palm Valley fields from mid-2026. The company also signed a new two‑year gas sales agreement with McArthur River Mining, moved to acquire assets in the Otway and Cooper Basins with at least three exploration wells planned in the next 18 months, and agreed to sell two sub‑salt permits in exchange for an equity stake in Georgina Energy, positioning itself for potential helium and hydrocarbon upside. Operationally, Central reported an average realised gas price of $9.59 per gigajoule, slightly lower quarterly sales volumes and revenue due to oil offtake constraints, but finished the quarter with a stronger cash balance of $29.4 million and net cash of $5.3 million. The company also initiated its first on‑market share buy-back, signalling confidence in its balance sheet, while its expanded drilling program across three basins could materially increase production and reserves, enhancing its role in regional energy supply and providing greater cash flow visibility for stakeholders.
The most recent analyst rating on (AU:CTP) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Central Petroleum Limited stock, see the AU:CTP Stock Forecast page.
More about Central Petroleum Limited
Central Petroleum Limited is an Australian oil and gas producer focused on the Amadeus Basin in the Northern Territory, supplying natural gas to power utilities, industrial customers and mining operations. The company is also expanding its exploration footprint into proven onshore basins such as the Otway and Cooper, targeting gas, oil and helium resources to serve the buoyant east coast gas market.
Average Trading Volume: 471,200
Technical Sentiment Signal: Hold
Current Market Cap: A$51.19M
Learn more about CTP stock on TipRanks’ Stock Analysis page.