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Cue Energy Resources Limited ( (AU:CUE) ) just unveiled an update.
Echelon Resources Limited, as part of the Mereenie Joint Venture, announced the successful production from the West Mereenie 29 well (WM-29), which has exceeded pre-drill expectations with a flow rate of 6 TJ/day. This achievement, attributed to innovative drilling techniques, positions the Mereenie field to meet its production targets and highlights its continued significance in the Northern Territory’s energy supply. The announcement suggests a strong potential for future output as further developments, such as the West Mereenie 30 well, are underway, reinforcing the company’s strategic position in the region.
More about Cue Energy Resources Limited
Echelon Resources Limited, trading as Echelon (ASX: ECH), is an Australasian-focused energy commodity exploration and production company based in Wellington, New Zealand. The company is committed to ethical development and exploration activities, emphasizing strong ESG standards. Its portfolio includes both wholly and partly owned onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia, either directly or through a significant stake in Cue Energy Resources Limited.
YTD Price Performance: -2.00%
Average Trading Volume: 247,420
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$68.47M
See more data about CUE stock on TipRanks’ Stock Analysis page.
