Central Petroleum Targets Growth With Strategic Entry Into Otway and Cooper Basins

Central Petroleum Limited ( (AU:CTP) ) just unveiled an announcement.

Central Petroleum Limited has agreed to acquire interests in highly prospective exploration acreage in the onshore Otway and Cooper Basins from ADZ Energy, marking a strategic multi‑basin expansion of its Australian conventional oil and gas portfolio. Under the binding sale and purchase agreements, Central will pay an upfront $9.2 million plus back-costs to secure a 20% stake in Victorian permit PEP169, targeting the Enterprise North gas prospect in the Otway Basin, and a 49% stake in 24 South Australian retention leases and permit PEL677 in the Cooper Basin, with further contingent payments and a royalty on future Cooper production, while ADZ remains operator. The program envisages three to four near‑term exploration wells between 2026 and early 2027, including a production‑ready Enterprise North well located near existing pipelines and processing plants in the Victorian gas market; if successful, Central expects a low implied acquisition cost per gigajoule and a near‑doubling of its equity gas production, underscoring the potential for meaningful growth in supply to the east coast gas market and strengthening the company’s position in prolific conventional basins.

The most recent analyst rating on (AU:CTP) stock is a Hold with a A$0.06 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 company listed on the ASX that focuses on exploration and production, with a particular emphasis on conventional hydrocarbons in onshore basins and supplying gas to domestic markets, including the high‑value east coast market.

Average Trading Volume: 436,363

Technical Sentiment Signal: Sell

Current Market Cap: A$46.67M

Find detailed analytics on CTP stock on TipRanks’ Stock Analysis page.