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The latest update is out from New Zealand Oil & Gas Limited ( (AU:ECH) ).
Echelon Resources Limited, in collaboration with Triangle and Strike Energy, has commenced drilling the Becos-1 well in the Perth Basin. The well targets the Triassic Bookara Sandstone and is expected to reach a depth of 1,164 meters within two weeks. This initiative follows a successful campaign in the Amadeus Basin and aims to capitalize on known hydrocarbon presence in the area, potentially strengthening Echelon’s position in the energy sector.
More about New Zealand Oil & Gas Limited
YTD Price Performance: 455.56%
Technical Sentiment Signal: Strong Sell
Current Market Cap: $54.92M
Learn more about ECH stock on TipRanks’ Stock Analysis page.