Central Petroleum secures major gas deal with NT Government. The ASX-listed energy company has signed a multi-year gas sales agreement securing 21 PJ of gas through 2034, with take-or-pay provisions and CPI-indexed pricing. This underpins two new Palm Valley wells expected to boost production capacity by approximately 40 percent. First gas is anticipated in the second half of 2026. The company increased its Macquarie Bank loan facility to A$15 million to fund its A$26 million share of drilling costs. Meanwhile, the Mereenie agreement with Power and Water Corporation has expired, prompting the joint venture to suspend infill drilling and reduce 2026 capital expenditure by US$5 million. Central will now pursue alternative gas marketing opportunities for Mereenie while the existing PWC supply agreement remains active through 2030.
