Australia's Central Petroleum falls on suspending four Mereenie field wells

Arafura Rare Earths

02/07/2025 06:55

** Central Petroleum CTP.AX shares fall 5.5% to A$0.052, their lowest level since Jan 7 and biggest intraday pct drop since June 26

** Oil and gas explorer temporarily shuts four gas-to-oil ration wells at Mereenie field, a JV with Echelon group, as it looks to manage constraints on the project's oil sales

** In
April
, co's gas supply deal with Arafura Rare Earths ARU.AX lapsed; deal included supply from Mereenie field

** Co says constraint on Mereenie’s production expected to be resolved over the coming months

        ** Central’s share of Mereenie’s sales gas capacity is reduced by ~5%, but will not impact capacity to meet supply contracts, co says

** Stock down 1.9% YTD, including moves in current session

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))