Central Petroleum Ltd. released its half-year update for the period ending December 31, 2024, presenting a compelling narrative of financial stabilization and operational strength. This report marks a significant pivot for the company, which has emerged from a decade of fiscal challenges to establish a fortified balance sheet and a strategic foothold in the Northern Territory's evolving gas market. Through prudent debt [...]
Central Petroleum Ltd. today reports Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration for the half year to 31 December 2024 of $8.6 million, an increase of 7% from the first half of FY2024. After absorbing the costs of exploration activities, finance and depreciation, Central has recognised a statutory net profit after tax of $1.5 million. Highlights since 30 June 2024 - New long-term [...]
Central Petroleum Ltd. outlook for 2025 radiates optimism, a stark contrast to the challenges of recent years, as the market begins to recognize the value of its Northern Territory gas fields. The past two years saw the company grappling with unexpected closures of the Northern Gas Pipeline, which rattled markets across northern Australia and squeezed Central's revenues, cash flows, and investment confidence. Yet, through [...]
Central Petroleum Ltd. advises that the recentlycompleted WM30 production well at the Mereenie field was tied-in and brought online on 26 February. WM30, the second and last well in the Mereenie drilling program, is currently producing over 4 TJ/d at the wellhead and is expected to stabilise at between 4 TJ/d and 4.5 TJ/d, exceeding the pre-drill expectation of circa 3 TJ/d per well. Combined, WM29 and WM30 have increased [...]
Central Petroleum Ltd. advises that drilling and completion of the second new Mereenie production well, WM30, is complete and Ventia Rig 101 was released on 19 February 2025. WM30 was successfully air-drilled through the primary Pacoota-3 reservoir target to a total measured depth of 1,620m. The WM30 tie-in to the Mereenie production facilities is expected to be completed in early March. As previously advised, the first [...]
Central Petroleum Ltd. advises that Mr McCormack will step down and leave the board of Central on 30 April 2025. Following consultation with the board, Central's current non-executive director, Dr Agu Kantsler, has been unanimously supported by the board to take up the role as Chair of Central. Since being appointed as Chair on 28 November 2020, Mick's leadership has seen Central's financial position improve substantially [...]
Central Petroleum Ltd.'s gas fields were operating at full capacity for much of the quarter. Demand for gas in the Northern Territory was consistently strong during the quarter as warmer temperatures drove increased energy consumption. Production at Mereenie was interrupted for several days while pipeline connections for the two new wells were installed. Sales volumes increased 3% to 1.17 PJe from the previous quarter [...]
Central Petroleum Ltd. advises that the new West Mereenie 29 well has been tied-in and commenced flowing to sales on 20 January 2025. Following a predetermined ramp up program, a production rate test achieved ~7 TJ/d over a 2-hour period. Production from WM29 will be limited to 6 TJ/d which is the capacity limit of the wellhead skid. WM29 production should increase aggregate Mereenie sales gas capacity to at least 30 [...]
Central Petroleum Ltd. advises that the first of two Mereenie development wells, WM29, was successfully air-drilled and completed across the Pacoota-3 sandstones. The well is currently suspended and is expected to be tied-in to the gathering system by late January. This is earlier in the quarter than previously anticipated due to the schedule being proactively accelerated in response to gas shortages in the Northern [...]
Central Petroleum Ltd. advises that WM29, the first development well in the 2 well programme, was spudded on 5 December 2024 at 0730 hrs ACST. The Mereenie development wells are expected to return field production capacity back above 30 TJ/d and produce at least 25 PJ of gas over their lifetime. Firm gas from the new wells may be sold into the recently executed NTG GSA which can be expanded by up to 6 TJ/d to generate [...]
Central Petroleum Ltd. provide the Chair's 2024 AGM Address and Presentation - Achieving Strategic Review Objectives in 2024. CHAIR'S AGM ADDRESS Standing here today, I have a sense that Central's outlook is more positive than it has been for some time. As I look back over the year, we have seen three important developments which should result in sustainable positive cash flows and, ultimately, returns to shareholders [...]
Central Petroleum Ltd. successfully secured new long-term gas sale agreements which will provide higher, more reliable cash flows for Central, reflecting tighter gas supplies in the Northern Territory and deliveries that will not be affected by Northern Gas Pipeline interruptions, should they occur. The new contracts include: - Firm base supply of up to 12.0 PJ of gas to the Northern Territory Government commencing 1 [...]
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