Brisbane, Australia, Oct 15, 2026 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) has reported progress on two new Palm Valley wells and secured multi-year gas contracts, alongside FY2026 sales revenue of $44.7m, +3% vs FY2025. The company identifies potential for the new wells to lift group production / revenue by circa 40%.
Palm Valley development and gas contracts
Central has secured a multi-year Gas Sale Agreement with the NT Government. The company reports that Palm Valley production is firmed through 2034 and over 80% of the next three years' production is contracted.
As at the October 2026 investor update, Palm Valley 14 (PV14) had been drilled and completed, with commissioning planned later that month.
PV14 targeted the northern flank of the Palm Valley anticline and reached a measured depth of 2,942m, with the production zone to 2,729m. An initial flow rate test indicates possible production rates of 3 - 4TJ/d.
Significant uncertainty remains as to PV14's production capacity, withbetter visibility expected after the well is tied-in and producing.
Palm Valley 15 (PV15) is targeting the southern flank of the anticline, closer to the crest of the field. At the time of the update, Central expected to spud PV15 over the next few days, targeting first gas in late December.
Central states that a strong PV15 result would achieve its target aggregate Palm Valley production at plant capacity of around 14 TJ/d (100% JV).
FY2026 financial performance
Central reported a realised portfolio price of $10.10/GJe, +10% vs FY2025, with new contract pricing replacing legacy contracts. Sales margin, excluding depreciation, was $4.96/GJe, +5% YoY and +36% vs FY2024.
Volume was 4.3 PJe, -6% vs FY2025, with pipeline and oil-related constraints. Gross profit was $15.0m, steady vs FY2025. Underlying EBITDAX was $17.0m, -9% vs FY2025.
The statutory loss was $4.9m. Items identified in the result included a $5.9m impairment associated with rationalisation of exploration permits and $5.7m in exploration/appraisal costs associated with preparation for drilling the new Palm Valley wells.
Net corporate/admin costs, excluding depreciation, were $4.6m, +$1.4m vs FY2025. These included $0.9m in non-recurring business development costs, alongside lower staff recoveries following a revised allocation.
Financial position and funding
Central reported a cash balance of $20.4m at 30 June 2026 and a $15m bank facility available if required.
Previously overlifted gas was fully repaid in May 2026, freeing up 2 TJ/d from mid-May 2026.
The company also reported that it exited two Amadeus exploration permits, cutting costs, and identified its first shareholder returns program comprising an on-market buy-back and cash-settled share rights.
Exploration program
Central's expanded exploration footprint includes a 20% interest in PEP 169 in the onshore Otway Basin and a 49% interest in PEL 677 and 24 Retention Leases in the Cooper Basin.
Three exploration wells are planned in 2027, subject to JV approval: Enterprise North-1 in the Otway Basin and two wells in the Cooper Basin.
Central has identified 17 prospects and leads in the Cooper Basin, with at least seven near drill-ready, subject to seismic reprocessing and reinterpretation/mapping. The initial focus is on Birkhead oil and Patchawarra gas targets.
Potential drilling of the Mt Kitty sub-salt well in the Amadeus Basin is identified for Q1 CY2028, subject to JV approval. The Amadeus sub-salt exploration program targets helium, hydrogen and gas.
*To view the Investor Presentation, please visit:
https://abnnewswire.net/lnk/5QGV18I5
Central Petroleum Limited will hold an online presentation on Thursday 15 October 2026 commencing at 11.00 am AEST.
Managing Director & Chief Executive Officer, Mr Leon Devaney and CFO, Damian Galvin will cover the FY2026 results, current Palm Valley drilling program and key activities.
Attendees will be provided an opportunity tosubmit questions during the presentation for a Q&A session to occur at the end of the presentation.
Participants wishing to join this webinar online will need to register using the following link:
https://app.livestorm.co/central-petroleum-limited/ctp-oct-26-qtrly-update
About Central Petroleum Limited:
Central Petroleum Limited (Central) is an established ASX-listed Australian oil and gas producer (ASX:CTP) with exploration and appraisal permits in the Northern Territory (NT). Central has grown to become the largest onshore gas operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.
Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 169,112 km2 of tenements the NT, including some of Australia's largest known onshore conventional gas prospects in the Amadeus Basin.
Contact:
Investor and Media Inquiries:
Leon Devaney: +61 (0)7 3181 3800
Managing Director and CEO
info@centralpetroleum.com.au
www.centralpetroleum.com.au
Source:
Central Petroleum Limited
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