• Secured long-term gas supply deal with Northern Territory's Power & Water Corporation
• Expanded exploration footprint into Otway and Cooper Basins
• Restructured sub-salt exploration position in Southern Amadeus Basin

In the December quarter, Central Petroleum announced several significant strategic transactions and agreements which elevate the company's position in Australia's evolving energy landscape. These include a binding letter of intent with the Northern Territory's Power & Water Corporation for long-term, firm gas supply of up to 25.5 PJ (Central share) through to the end of 2034, which will underwrite the drilling of four new wells at the Mereenie and Palm Valley fields. Central also expanded its exploration footprint into the onshore Otway Basin of Victoria and the Cooper Basin in South Australia, acquiring interests in exploration permits with near-term drilling opportunities. Additionally, Central entered into a conditional agreement to sell two sub-salt exploration permits in the Northern Territory to UK-listed Georgina Energy Plc in exchange for a 25% equity interest, facilitating the restart of near-term sub-salt drilling in the Amadeus Basin. These initiatives are expected to see Central participating in up to eight new wells over the next 18 months, including development, appraisal, and high-impact exploration wells across three basins.

Central expects the additional gas production from the four new wells at Mereenie and Palm Valley to be quickly supplied to the market, as the wells will utilise available production capacity at the existing fields. The proposed gas supply agreements are designed to provide Central with a reliable government-backed income stream well into the next decade.