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New Zealand Oil & Gas Limited ( (AU:ECH) ) just unveiled an update.
Cue Energy Resources Limited announced the successful completion of the WM29 development well at the Mereenie gas field in Australia, with plans to tie it into the gathering system by late January. The commencement of the WM30 well is part of a two-well program aimed at boosting field production capacity above 30 terajoules per day. The additional output could be directed to the Northern Territory Government Gas Sales Agreement, potentially increasing sales capacity by up to 6 terajoules. Cue holds a 7.5% interest in the Mereenie Joint Venture, with other significant stakeholders including Echelon Mereenie Pty Ltd, Horizon Australia Energy Pty Ltd, and Central Petroleum Mereenie Pty Ltd.
More about New Zealand Oil & Gas Limited
Cue Energy Resources Limited is an Australian Securities Exchange (ASX: CUE) listed oil and gas production and exploration company based in Melbourne. The company generates revenue from gas and oil production in various locations, including the Mahato and Sampang PSCs in Indonesia, and the Mereenie, Palm Valley, and Dingo fields in onshore Australia, as well as the Maari field offshore New Zealand.
YTD Price Performance: 0.0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $46.4M
See more insights into ECH stock on TipRanks’ Stock Analysis page.
