• New long-term gas sales agreements secured for up to 12.0 PJ of gas
• Loan facility extended and restructured with a five-year term
• Two new development wells at Mereenie increased production by 50%

Central Petroleum Limited (ASX:CTP) has reported its half-year results for the period ending 31 December 2024. The company recorded an Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) of $8.6 million, an increase of 7% from the first half of FY2024. After accounting for exploration activities, finance, and depreciation, Central recognised a statutory net profit after tax of $1.5 million. Key highlights since 30 June 2024 include the securing of new long-term gas sales agreements for up to 12.0 PJ of gas (Central share) to the Northern Territory Government, commencing 1 January 2025 through to 31 December 2030. These new contracts lifted the average portfolio price to over $9.70/GJe for January 2025, up more than 21% from the December half-year average of $7.96/GJe. In December, the Group's loan facility was extended and restructured with a five-year term ending 31 December 2029, providing additional debt capacity for possible new production wells. The first of two new development wells at Mereenie commenced in December and was commissioned as a production well in January 2025, with a second well drilled and commissioned in late February 2025. Aggregate production from the two new wells has exceeded expectations by about 50% and increased Mereenie sales capacity to ~32 TJ/d (100% JV) in early March 2025. Cash flow from operations was $4.3 million for the half-year, reflecting stronger receipts from customers, lower debt servicing, and lower exploration payments.

Central Petroleum expects the second half of FY2025 to be stronger, with increased production from the successful Mereenie drilling program and the commencement of new Northern Territory gas sale agreements from January 2025.