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New Zealand Oil & Gas Limited ( (AU:ECH) ) has provided an update.
Echelon Resources Limited has executed a binding agreement to acquire a 100% interest in the EP145 exploration permit in the Amadeus Basin from Mosman Oil & Gas for AUD400,000, along with a 5% royalty on helium and hydrogen. This acquisition aligns with Echelon’s strategy to leverage its existing infrastructure in the Northern Territory, aiming to rapidly integrate discovered gas resources into the local market. With the infrastructure in place and modern exploration technology at their disposal, Echelon anticipates a significant opportunity for growth and expansion within the gas market of the Northern Territory.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited is an energy commodity exploration and production company focused on Australasia, with headquarters in Wellington, New Zealand. The company operates both directly and through its stake in Cue Energy Resources Limited, managing a portfolio of onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia. Echelon is dedicated to ethical exploration and development, maintaining strong ESG standards and seeking further value-accretive opportunities.
YTD Price Performance: 0%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $45.74M
For an in-depth examination of ECH stock, go to TipRanks’ Stock Analysis page.
