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Horizon Oil Limited ( (AU:HZN) ) has provided an update.
Central Petroleum Limited and its joint venture partners have signed a binding Letter of Intent with the Northern Territory’s Power and Water Corporation to initiate an accelerated drilling program and secure long-term gas supply agreements. The program involves drilling four new wells at Mereenie and Palm Valley, with the aim to commence drilling by mid-2026 and supply up to 25.5 PJ of gas through the end of 2034. This initiative is expected to significantly enhance gas supply security in the Northern Territory and provide a reliable income stream for Central Petroleum, backed by government support.
The most recent analyst rating on (AU:HZN) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Horizon Oil Limited stock, see the AU:HZN Stock Forecast page.
More about Horizon Oil Limited
Central Petroleum Limited is an ASX-listed Australian oil and gas producer with exploration and appraisal permits in the Northern Territory. It is the largest onshore gas operator in the NT, supplying both residential and industrial customers in the NT and the wider Australian east coast market. The company aims to become a major domestic energy supplier, with interests in helium and naturally occurring hydrogen, and has significant exploration, appraisal, and development plans across 169,112 km² of tenements in the NT, including large onshore conventional gas prospects in the Amadeus Basin.
YTD Price Performance: 25.77%
Average Trading Volume: 1,345,230
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$333.7M
For an in-depth examination of HZN stock, go to TipRanks’ Overview page.