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New Zealand Oil & Gas Limited ( (AU:ECH) ) has shared an announcement.
The West Mereenie 29 well, part of the Mereenie Joint Venture led by Central Petroleum Ltd, has commenced gas production achieving a flow rate double the pre-drill expectations. This success, attributed to advanced planning and drilling techniques, has elevated the Mereenie field’s production to its target of 30 TJ/d. The operational success of WM-29 highlights the potential for ongoing productivity in long-established fields and signifies a positive development for the Northern Territory’s energy market, ensuring continued energy supply and economic benefits.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited, headquartered in Wellington, New Zealand, is an Australasia-focused energy commodity exploration and production company. The company is committed to ethical and values-based exploration and development activities across its portfolio of oil and gas assets in Australia, New Zealand, and Indonesia. Echelon holds stakes either directly or through its stake in Cue Energy Resources Limited and aims to meet strong ESG standards while exploring further asset acquisition opportunities.
YTD Price Performance: 0.0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $51.64M
For a thorough assessment of ECH stock, go to TipRanks’ Stock Analysis page.
