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Horizon Oil Limited ( (AU:HZN) ) has provided an update.
Echelon Resources Limited has announced the successful drilling and completion of the West Mereenie-29 development well and the commencement of drilling on West Mereenie-30 in the Mereenie Joint Venture. These wells are part of efforts to boost the production capacity of the Mereenie field, aiming to exceed 30TJ/d. The additional gas will be connected to the Northern Territory gas market and the gas-short East Coast, ensuring a consistent energy supply. This development reflects the company’s commitment to maintaining reliable energy supply and its strategic positioning within the Australian gas market.
More about Horizon Oil Limited
Echelon Resources Limited is an Australasia-focused energy commodity exploration and production company based in Wellington, New Zealand. The company is dedicated to ethical development and exploration activities, emphasizing strong ESG standards and quality relationships. It holds a diversified portfolio of 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: 35.00%
Average Trading Volume: 29,971
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $191M
See more insights into HZN stock on TipRanks’ Stock Analysis page.
