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01:29:37 EDT Mon 27 Jul 2026
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Central Petroleum Limited (CNPTF) Palm Valley Well Spud, Otway and Cooper Exploration Update

2026-07-26 19:16 ET - News Release

Brisbane, Australia, July 27, 2026 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (FRA:C9J) (OTCMKTS:CNPTF) announces that PV14, the first well in its two-well Palm Valley drilling programme, was spudded by Ensign Rig 974 on 25 July 2026 at 23:00 hrs ACST.

The programme comprises two lateralappraisal wells based on the successful design of the PV13 and PV12 wells completed in 2019 and 2022 respectively. The campaign is expected to take approximately four and a half months, with first gas sales from PV14 targeted for October 2026.

The two wells are aiming to restore Palm Valley plant sales capacity to approximately 14 TJ/d (100% JV) and deliver at least 10 PJ of gas (100% JV) over their operating lives. The investment is underpinned by the new Northern Territory Government GasSupply Agreement announced by Central in April and the new wells are expected to boost Central's share of total gas production capacity by circa 40%.

Central will provide further updates as the drilling programme progresses.

Otway and CooperExploration Update

Beyond Palm Valley, Central continues to work closely with ADZ, as operator, to progress an exploration well at Enterprise North in the onshore Otway Basin (PEP169) and to high-grade two Cooper Basin targets for drilling in South Australia (PEL677 and other retention leases).

Both basins are proven hydrocarbon provinces. Enterprise North targets a material gas prospect with the potential for low-cost access to the gas-short Victorian market. In the Cooper Basin, the proposed two-well exploration programme could add valuable oil reserves and production while opening a new growth frontier.

Central's Managing Director and CEO, Leon Devaney, said: "The spudding of PV14 marks the start of an important period of appraisal and exploration drilling across Central's portfolio.

Following the new gas supply agreement with the Northern Territory Government and our expansion into high-potential permits beyond the Amadeus Basin, we are now moving decisively into execution. We remain on track to drill up to five wells this financial year, each offering compelling risk-return potential for shareholders. Our priority is the safe and disciplined delivery of these programmes, and I look forward to updating shareholders as we continue to progress each of these projects."


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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