• New Mereenie well exceeds target production rate
• Sales volumes up 3% on prior quarter, 10% higher year-on-year
• Sales revenue up 4.6% on prior quarter, 10% higher year-on-year

Central Petroleum Limited has reported strong results for the quarter ended 31 December 2024, with the key highlights being a new Mereenie well exceeding its target production rate, higher sales volumes, and increased sales revenue compared to the prior quarter and year-on-year. The first of two new gas development wells at Mereenie was drilled and commissioned in mid-January, initially producing at 6 TJ/d (100% JV), providing a significant boost to Mereenie's production capacity. Sales volumes were 3% higher than the prior quarter at 1.17 PJe (Petajoule equivalent) due to seasonally higher demand in the Northern Territory, with half-year volumes up 10% from the previous six months. Sales revenue for the quarter was $9.4 million, up 4.6% on the prior quarter, reflecting the increased production and marginally higher gas prices. Half-year sales revenue was $18.3 million, 10% higher than the preceding June half-year. The company also reported positive operating cash flow of $3.1 million before CAPEX, debt service and exploration, and extended and restructured its $22.3 million loan facility to provide more flexibility to manage free cash flows and possible investment in new wells.

Central's average portfolio gas price from 2025 is expected to step-up from the $8.01 / GJe realised in the December 2024 quarter, as new, firm GSAs for supply to the Northern Territory Government commence on 1 January 2025.

Central is looking to prioritise (subject to JV approval) increasing reserves and gas production in the near term from both Mereenie and Palm Valley through new development wells and appraisal of the Stairway sandstone at both fields.