Central Petroleum’s West Mereenie 29 Well Exceeds Expectations

An announcement from Central Petroleum Limited ( (AU:CTP) ) is now available.

Central Petroleum Limited announced the successful production start of the West Mereenie 29 well, which achieved a gas flow rate double the pre-drill expectations, marking a significant improvement over previous wells. This achievement not only meets the pre-drill production target for the Mereenie field but also demonstrates the potential for increased output through innovative planning and execution, impacting energy supply in the Northern Territory and benefiting market stakeholders.

More about Central Petroleum Limited

Echelon Resources Limited is an Australasia-focused energy commodity exploration and production company based in Wellington, New Zealand. The company involves in ethical development and exploration activities across a portfolio of onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia. Echelon Resources holds these stakes either directly or through its significant stake in ASX-listed Cue Energy Resources Limited. The company, alongside its experienced partners, actively seeks to explore and develop its assets while looking for opportunities to acquire additional value-accretive assets.

YTD Price Performance: 10.0%

Average Trading Volume: 598,301

Technical Sentiment Consensus Rating: Sell

Current Market Cap: A$40.99M

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