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New Zealand Oil & Gas Limited ( (AU:ECH) ) just unveiled an announcement.
Echelon Resources Limited has received a Writ of Summons from Triangle Energy, alleging a breach of the L7/EP437 Farmout Agreement due to Echelon’s withdrawal from the permits. Echelon disputes these claims, citing a lack of prospectivity and no obligation to drill a second well. The company views Triangle’s actions as a tactical move rather than a substantive dispute. Echelon remains focused on long-term value creation and plans to address the proceedings appropriately.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited, trading as Echelon (ASX:ECH), is an energy commodity exploration and production company focused on Australasia. Headquartered in Wellington, New Zealand, the company is committed to ethical and values-based development and exploration activities, with a strong emphasis on ESG standards. Echelon holds a diverse portfolio of onshore and offshore oil and gas assets in Australia, New Zealand, and Indonesia, either directly or through its stake in Cue Energy Resources Limited (ASX:CUE).
Average Trading Volume: 16,125
Technical Sentiment Signal: Hold
Current Market Cap: A$76.14M
See more data about ECH stock on TipRanks’ Stock Analysis page.