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An update from New Zealand Oil & Gas Limited ( (AU:ECH) ) is now available.
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 establish long-term gas supply agreements from the Mereenie and Palm Valley fields. The agreement aims to increase gas supply significantly, enhancing energy security in the Northern Territory by mid-2026, with the potential to meet over 20% of the region’s gas demand. This initiative not only supports the drilling program but also secures a reliable income stream for Central Petroleum, backed by government agreements, without exposure to the Northern Gas Pipeline operations.
More about New Zealand Oil & Gas 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 Australian east coast market. The company aims to become a major domestic energy supplier, with plans for exploration and development across extensive tenements in the NT, including significant onshore conventional gas prospects in the Amadeus Basin.
YTD Price Performance: 6.48%
Average Trading Volume: 16,020
Technical Sentiment Signal: Sell
Current Market Cap: A$77.26M
For detailed information about ECH stock, go to TipRanks’ Stock Analysis page.