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The latest update is out from Central Petroleum Limited ( (AU:CTP) ).
Echelon Resources’ Palm Valley joint venture has signed a gas supply agreement with the Northern Territory Government, enabling the drilling of two new wells in the Palm Valley permit OL3. The deal secures up to 10.5 PJ of gas net to the Echelon group through to the end of 2034 on a take-or-pay, inflation-indexed basis, supporting long-term gas supply for the region.
The joint venture has taken final investment decision on the new wells, contracted the Ensign 974 drilling rig and begun site preparations, with drilling expected to start mid-year. Targeting the same formation as the prolific PV-12 well, the program is expected to restore the Palm Valley production plant to its 15 TJ per day capacity, strengthening Echelon’s production profile and underpinning further development of its Amadeus Basin assets, although Mereenie wells remain uncommitted pending gas sales agreements.
More about Central Petroleum Limited
Echelon Resources Limited, traded as Echelon (ASX: ECH), is an Australasia-focused energy commodity exploration and production company based in Wellington, New Zealand. Its portfolio spans wholly and partly owned onshore and offshore oil and gas assets in Australia, New Zealand and Indonesia, including stakes held directly and via its roughly 50% interest in Cue Energy Resources.
Average Trading Volume: 1,216,459
Technical Sentiment Signal: Buy
Current Market Cap: A$67M
See more insights into CTP stock on TipRanks’ Stock Analysis page.