Highlights

  • Central operates the Mereenie, Palm Valley and Dingo producing gas Assets in the Northern Territory.
  • The Palm Valley joint venture brought PV14 online in October, while drilling PV15 continued.
  • The company expanded exploration plans into South Australia’s Cooper Basin and Victoria’s Otway Basin.
  • Its multi-basin programme includes conventional oil and gas targets as well as helium and natural hydrogen opportunities.

Central Petroleum Limited (ASX:CTP) is widening its oil and gas exploration scope while retaining a producing foundation in the Northern Territory. The company operates the Mereenie, Palm Valley and Dingo fields in the Amadeus Basin and has identified exploration opportunities in the Cooper and Otway basins. The programme combines current gas sales with drilling and appraisal opportunities that remain dependent on technical results and approvals.

The Amadeus Basin Remains the Operating Core

Central operates established oil and gas fields serving customers in central and northern Australia. Its three principal Amadeus Basin production assets are Mereenie, Palm Valley and Dingo. Gas is supplied through field infrastructure under commercial sales arrangements. These are current operating activities, distinct from the company’s proposed exploration wells in other areas. Central has also identified exploration opportunities around existing fields that could potentially support additional production, subject to drilling outcomes and Investment decisions.

Palm Valley Appraisal Moves Through Two Wells

At Palm Valley, joint-venture drilling advanced during 2026 through the PV14 and PV15 wells. PV14 was brought online on 23 October and was flowing at around 0.5 terajoules per day at the time of its partner’s 29 October operational update. PV15 drilling commenced on 18 October. The two-well programme supports longer-term gas Supply arrangements in the Northern Territory and offers a way to assess further deliverability from an existing field. Rates from an individual well should not be used to infer the future production of the whole project.

New Basins Broaden the Exploration Programme

Central has expanded its exploration exposure into the Cooper Basin in South Australia and the onshore Otway Basin in Victoria. It has outlined plans to participate in Cooper Basin drilling during 2027 and to assess the Enterprise North prospect in the Otway Basin, with a well targeted in 2027. The company’s current activities page also identifies potential helium, naturally occurring hydrogen and hydrocarbon exploration in the Amadeus Basin. Each target occupies a different stage of assessment; timing depends on partner work programmes, licences and technical evaluations.

Existing Assets Support a Staged Strategy

The company’s strategic approach combines production and reserves in the Amadeus Basin with longer-term exploration options. Central’s current activities material describes proved and Probable Reserves associated with its production portfolio as well as extensive Northern Territory acreage. Planned drilling near existing infrastructure can offer a different development pathway from remote frontier exploration, but any new commercial production would still require a discovery, appraisal and supporting investment. The company’s growth programme therefore remains a mix of operating and prospective assets.

Outlook: The Next Milestones

Central’s stated priorities include Palm Valley appraisal, continued gas operations and preparation for proposed 2027 Cooper and Otway Basin exploration wells.

Central Petroleum shares traded at AUD 0.05 on 6 November 2026, up 2.04%; intraday high AUD 0.050, low AUD 0.048, Volume 45,944 shares and Market Capitalisation approximately AUD 37.64 million.