Acquisition of Exploration Permits in Otway and Cooper Basins

planned

Australian junior Central Petroleum is set to acquire interests in two strategic exploration permits in the onshore Otway and Cooper basins. The transaction includes three to four near-term exploration wells planned for drilling over 2026 and early 2027, with ongoing growth opportunities through other oil and gas prospects as the permits mature. Central will acquire a 20% interest in exploration permit PEP169 in the Otway basin, Victoria, and a 49% interest in 24 South Australian Retention Leases and exploration permit PEL677 in the Cooper basin. The deal includes payments upon completion and upon commercial success of the Enterprise North exploration well, as well as a 5% royalty payment to ADZ Energy on future production from Central's Cooper acreage interest. ADZ Energy will continue as operator of the permits.