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New Zealand Oil & Gas Limited ( (AU:ECH) ) has shared an announcement.
Echelon Resources reported a 6.5% quarter-on-quarter decline in production to 380,648 barrels of oil equivalent for the March 2026 quarter, but highlighted a step change in revenue as legacy gas contracts roll off and are replaced by higher-priced agreements. Operating cash flow rose 30%, the company paid an A$1.8 million dividend and reduced debt by A$6 million, while maintaining capacity under existing facilities to fund approved development activity.
In the Amadeus Basin, the Palm Valley joint venture signed a new gas supply agreement with the Northern Territory Government through 2034, featuring take-or-pay terms and inflation-indexed pricing that underpin drilling of two new infill wells from mid-year after a final investment decision and rig contracting. Mereenie operations have stabilised, Maari oil production remained steady and Kupe experienced unplanned shutdowns, while Echelon’s acceptance of Horizon’s takeover offer for its Cue shareholding will see Cue deconsolidated from its accounts and leave Echelon holding at least 6.1% of Horizon, sharpening its portfolio focus and supporting future value creation.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited is an energy company focused on oil and gas exploration and production across assets including the Amadeus Basin, Palm Valley, Mereenie, Kupe, Mahato and Maari. The group operates through joint ventures and long-term gas supply agreements, targeting contracted domestic gas markets and ongoing oil field development to support cash flow and portfolio growth.
Average Trading Volume: 30,156
Technical Sentiment Signal: Buy
Current Market Cap: A$85.1M
For detailed information about ECH stock, go to TipRanks’ Stock Analysis page.