Approval granted for two new development wells at Mereenie

Central Petroleum Limited (ASX: CTP) and its partners have approved drilling two development wells at the Mereenie Oil and Gas Field in the Northern Territory, following new Gas Sales Agreements with the Northern Territory Government. These wells aim to increase production capacity from the current 27 terajoules per day (TJ/d) to over 30 TJ/d and are projected to yield at least 25 petajoules of gas over their lifetimes. The development responds to positive market conditions after a successful gas marketing campaign. Each well, targeting the Pacoota 3 reservoir at around 1,500 meters, is expected to take about 30 days to drill, with costs for Central’s 25% share estimated at AU$8 million, funded from existing cash reserves. Drilling is set to begin at the end of the year, with gas production anticipated in early 2025.

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