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Horizon Oil Limited ( (AU:HZN) ) just unveiled an announcement.
Cue Energy Resources Limited announced that the West Mereenie 29 well has begun gas sales to the Northern Territory, achieving a flow rate of 6 TJ/d, which is double the pre-drill expectations. This development increases the Mereenie production capacity towards the 30 TJ/d target and demonstrates the field’s continued contribution to the Northern Territory’s energy needs. Cue holds a 7.5% interest in the Mereenie Joint Venture, alongside other participants including Echelon Resource Limited, Horizon Oil Limited, and Central Petroleum Limited.
More about Horizon Oil 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 Indonesia and Australia, as well as offshore New Zealand.
YTD Price Performance: 35.00%
Average Trading Volume: 29,928
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $207.6M
For a thorough assessment of HZN stock, go to TipRanks’ Stock Analysis page.
