Echelon Resources Sees Boost in Mereenie Field Production Capacity

New Zealand Oil & Gas Limited ( (AU:ECH) ) has provided an update.

Central Petroleum Ltd, operator of the Mereenie Joint Venture, has completed drilling the West Mereenie 30 development well, which will soon be tied-in for production. This marks a successful conclusion to a two-well drilling campaign, with WM-29 already online and WM-30 expected to exceed pre-drill production expectations. The development is anticipated to increase the Mereenie field’s capacity to over 30TJ/d, ensuring fulfillment of a long-term gas sales agreement with the Northern Territory Government. The campaign was completed ahead of schedule and under budget, indicating significant operational efficiency and potential enhanced output for stakeholders.

More about New Zealand Oil & Gas Limited

Echelon Resources Limited is an Australasia-focused energy commodity exploration and production company headquartered in Wellington, New Zealand. The company 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. Echelon is committed to ethical development and exploration activities, maintaining strong ESG standards, and is actively seeking to expand its asset portfolio.

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $53.97M

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