Highlights

  • Central Petroleum progressed the Palm Valley drilling programme as part of its Northern Territory gas operations.
  • The PV14 well was drilled as the first well in a two-well appraisal programme.
  • The company reported gas observations during drilling activities and targeted first gas sales during 2026.
  • Central Petroleum continued operating Assets across the Amadeus Basin.
  • Future updates will focus on drilling outcomes, production performance and financial position.

Central Petroleum Limited (ASX:CTP) is an Australian oil and gas producer focused on onshore operations in the Northern Territory. The company operates assets in the Amadeus Basin, including Mereenie, Palm Valley and Dingo fields. During 2026, the company continued progressing its Palm Valley drilling programme while managing production and financial activities across its portfolio.

Palm Valley Drilling Programme

Central Petroleum commenced drilling activities at the Palm Valley field during 2026 as part of a two-well appraisal programme. The PV14 well was spudded on 25 July 2026 and targeted the Pacoota Formation. The company reported gas observations during drilling activities and identified the programme as an important step in assessing future production potential from the field.

Gas Production and Operational Portfolio

Central Petroleum operates and holds interests in several Northern Territory gas assets within the Amadeus Basin. The company’s producing fields include Mereenie, Palm Valley and Dingo. These assets Supply gas to customers and form the foundation of the company’s operating activities.

FY2026 Financial Performance

For the year ended 30 June 2026, Central Petroleum reported sales Revenue of A$44.7 million and underlying EBITDAX of A$17.0 million. The company reported a statutory net loss after tax of A$4.9 million, which included Impairment and exploration-related costs. Cash at 30 June 2026 was reported at A$20.41 million.

Gas Supply Agreement and Market Position

Central Petroleum has a gas supply agreement with the Northern Territory Government supporting future gas deliveries. The agreement provides a framework for supplying gas volumes from the company’s operations and supports development activities associated with the Palm Valley wells.

Production Capacity and Development Plans

The company has outlined plans to increase Palm Valley production capacity through the appraisal programme. Successful completion of drilling activities and future production performance will determine the contribution of additional wells to the company’s overall gas supply position.

Operational Risks and Considerations

Oil and gas operations involve technical, commercial and regulatory considerations. Drilling outcomes may vary, and production levels depend on successful completion, commissioning and ongoing field performance. Central Petroleum also operates in a sector affected by Commodity prices, customer demand, funding requirements and infrastructure considerations.

Future Monitoring Areas

Future company announcements may provide further information on PV14 testing, additional Palm Valley drilling activities, production results and quarterly financial performance. Monitoring cash position, Debt management and operational milestones will provide further insight into the company’s progress.

Key Insights

Central Petroleum’s 2026 activities highlight the importance of maintaining existing gas operations while progressing new production opportunities. The Palm Valley drilling programme represents a key operational initiative aimed at supporting future gas supply from the Amadeus Basin. Continued disclosures will provide further information on drilling outcomes, production performance and Business development.