Central Petroleum Lifts FY26 Revenue Amid Palm Valley Drilling Progress
Central Petroleum has announced a lift in its FY26 revenue, driven by improved pricing and margins. The company's sales revenue rose 3% to $44.7 million, despite lower natural gas and oil/condensate sales volumes. Central's operating margin excluding depreciation increased by 5%, while underlying EBITDAX reached $17.0 million.
The group reported a statutory net loss after tax of $4.9m, largely due to a $5.9m impairment charge from rationalising its exploration portfolio and $5.7m of other exploration and appraisal costs. Central ended June with $20.4m in cash, having invested $11.2m in new exploration acreage during the year.
The company secured new multi-year gas contracts running from 2026 to 2034, increasing cash flow certainty and supporting the final investment decision for two new Palm Valley wells. Central also recognised a $1.5m provision after revising the allocation of fixed and contingent staff costs to operated joint ventures for FY2024 and FY2025.
Drilling of PV14, the first well in the Palm Valley campaign, began in late July and encountered gas while drilling through the target reservoir. First gas sales remain targeted for October 2026, subject to successful completion, tie-in, commissioning, and satisfactory well performance.