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Central Petroleum Limited ( (AU:CTP) ) has issued an announcement.
Echelon Resources Limited, listed on the ASX, holds significant non-operating stakes in the Mereenie and Palm Valley onshore gas fields in Australia’s Northern Territory. It partners with Central Petroleum, Cue Energy and Horizon Australia Energy to supply gas to local markets, underpinning regional energy needs and supporting domestic utility demand.
The company and its joint venture partners have agreed with the Northern Territory’s Power and Water Corporation to extend the deadline to execute binding gas supply agreements from 24 March 2026 to 1 April 2026. The short extension provides additional time to finalise commercial terms that will govern future gas sales from the Mereenie and Palm Valley fields, a key step for Echelon’s plans to monetise its reserves and support long-term production growth.
The Mereenie permits OL4/OL5 are held by Central Petroleum Mereenie (25%, operator), Echelon Mereenie (42.5%), Cue Mereenie (7.5%) and Horizon Australia Energy (25%). The Palm Valley permit OL3 is held by Central Petroleum (50%, operator), Echelon Palm Valley (35%) and Cue Palm Valley (15%), reflecting Echelon’s substantial equity exposure to these Northern Territory gas projects.
The most recent analyst rating on (AU:CTP) stock is a Buy with a A$0.11 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
Echelon Resources Limited is an Australia- and New Zealand-focused energy company involved in upstream gas production through interests in the Mereenie and Palm Valley fields in the Northern Territory. It participates as a non-operator across these permits alongside Central Petroleum, Cue Energy and Horizon, targeting domestic gas markets through long-term offtake arrangements with local utilities.
The company’s growth strategy centres on unlocking additional value from its core onshore gas assets, including new development drilling, and monetising reserves via structured gas supply agreements with regional power and water authorities.
Average Trading Volume: 1,117,989
Technical Sentiment Signal: Buy
Current Market Cap: A$67.75M
For detailed information about CTP stock, go to TipRanks’ Stock Analysis page.