Central Petroleum Limited (CTP.AX) Palm Valley Well Programme - Update

Brisbane, Australia, Oct 28, 2026 - (ABN Newswire) - Central Petroleum Limited (ASX:CTP) (HAM:C9J) (OTCMKTS:CNPTF) provides the following update on the twowell programme at Palm Valley.

Palm Valley 14 (PV14)

PV14 was tied in and commenced flowing through the gathering system on 23 October 2026.

Flow tests conducted earlier this month, prior to completion, indicated the well could be capable of producing at rates of 3-4 TJ/d. However, since being tied-in, the well has declined to around 0.5 TJ/d, which may be due to water loading. The ultimate production rate from PV14, however, cannot be confidently assessed until after the well has been cleaned-out which, subject to JV approval, is anticipated over the next month.

Palm Valley 15 (PV15)

PV15 is drilling ahead in line withexpectations in the 121/4-inch section at a depth of 947m, with TD anticipated around mid-December.

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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