• Binding LOI signed with Northern Territory's Power and Water Corporation
• Four-well drilling program planned for Mereenie and Palm Valley fields
• Up to 25.5 PJ (Central's share) of uncontracted firm gas production to be supplied through 2034

Central Petroleum Limited (ASX: CTP) and its Mereenie and Palm Valley Joint Venture partners have entered into a binding Letter of Intent (LOI) with the Northern Territory's Power and Water Corporation (PWC) to support the immediate commencement of early works for an accelerated drilling program of four new wells, as well as promptly document and execute gas supply agreements. The drilling program will involve two wells at Mereenie and two at Palm Valley, with drilling targeted to commence in mid-2026. The JVs and PWC have also finalised 'in-principle' terms for long-term, firm gas supply under term sheets covering uncontracted firm gas production of up to 25.5 PJ (Central's share) from the Mereenie and Palm Valley fields through the end of 2034, which includes additional production from the four-well program. The gas supply term sheets are non-binding and conditional, requiring final internal approvals, with the intention to formalise and execute binding Gas Sale Agreements by 20 February 2026. The intended supply arrangements are designed to quickly deliver significant new gas volumes to the Northern Territory, while also enhancing gas supply security for customers throughout the region.

The proposed gas supply agreements would provide Central Petroleum with a reliable government-backed income stream well into the next decade, covering up to 25.5 PJ (Central's share) of uncontracted firm gas production from the Mereenie and Palm Valley fields through the end of 2034.