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Horizon Oil Limited ( (AU:HZN) ) has shared an update.
Echelon Resources Limited, through its joint venture at the Mereenie gas field, has announced the successful production of gas from the West Mereenie 29 well. The well has exceeded pre-drill expectations, achieving a flow rate of 6 TJ/d, thereby increasing the overall field production to its target of 30 TJ/d. This success highlights the potential of applying new drilling strategies to mature fields and reflects positively on the company’s operations and the energy supply in the Northern Territory.
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 holds both onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia, either directly or through its stake in Cue Energy Resources Limited. Echelon is dedicated to ethical development and exploration activities, maintaining strong ESG standards, and is actively exploring and developing multiple assets while seeking additional value-accretive opportunities.
YTD Price Performance: 35.00%
Average Trading Volume: 29,928
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $207.6M
Learn more about HZN stock on TipRanks’ Stock Analysis page.
