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New Zealand Oil & Gas Limited ( (AU:ECH) ) has issued an update.
Echelon Resources Limited announced that the Becos-1 well in the Perth Basin, drilled by the EP437 joint venture, did not find economically viable hydrocarbons and has been plugged and abandoned. Despite the disappointing result, the company remains committed to evaluating the outcomes to inform future exploration plans and continues to seek additional value-accretive assets with its partners.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited, trading as Echelon (ASX:ECH), is an energy commodity exploration and production company based in Wellington, New Zealand. The company focuses on ethical and values-based development and exploration activities across Australasia, with a portfolio of onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia. Echelon holds stakes directly or through its significant share in Cue Energy Resources Limited (ASX:CUE) and is committed to maintaining strong ESG standards.
YTD Price Performance: 450.0%
Technical Sentiment Signal: Sell
Current Market Cap: $50.07M
For an in-depth examination of ECH stock, go to TipRanks’ Stock Analysis page.