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Central Petroleum Limited ( (AU:CTP) ) has issued an announcement.
Central Petroleum Limited and its joint venture partners have signed a Letter of Intent with the Northern Territory’s Power and Water Corporation to commence an accelerated drilling program for four new wells at Mereenie and Palm Valley. This initiative aims to increase gas supply, with up to 25.5 PJ of uncontracted firm gas production to be sold through the end of 2034. The agreement signifies a substantial commitment to enhance gas supply security in the Northern Territory, with the drilling program expected to meet over 20% of the region’s total gas demand. The proposed gas sale agreements will provide Central Petroleum with a reliable income stream, supporting its operations and positioning in the energy market.
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 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 residential and industrial customers in the NT and the wider Australian east coast market. The company aims to become a major domestic energy supplier, focusing on helium, naturally occurring hydrogen, and conventional gas prospects in the Amadeus Basin.
Average Trading Volume: 408,391
Technical Sentiment Signal: Sell
Current Market Cap: A$45.92M
For detailed information about CTP stock, go to TipRanks’ Stock Analysis page.