Echelon Secures Further Extension on NT Gas Supply Deal Deadline

The latest announcement is out from New Zealand Oil & Gas Limited ( (AU:ECH) ).

Echelon Resources has announced that the Mereenie and Palm Valley joint venture partners have agreed with the Northern Territory’s Power and Water Corporation to extend the deadline to execute binding gas supply agreements from 2 March 2026 to 24 March 2026. The extension gives the parties additional time to finalise long-term supply arrangements that are expected to be important for monetising Echelon’s core onshore Australian gas assets and could influence future development planning across the Mereenie and Palm Valley fields.

The Mereenie permits OL4/OL5 are operated by Central Petroleum with Echelon holding 42.5%, alongside Cue and Horizon Australia Energy, while the Palm Valley permit OL3 is also operated by Central Petroleum with Echelon holding 35% and Cue the remaining 15%. These stakes underpin Echelon’s regional gas growth ambitions and position the company as a key participant in supplying the Northern Territory market pending completion of the gas supply contracts.

The most recent analyst rating on (AU:ECH) stock is a Hold with a A$0.38 price target. To see the full list of analyst forecasts on New Zealand Oil & Gas Limited stock, see the AU:ECH Stock Forecast page.

More about New Zealand Oil & Gas Limited

Echelon Resources Limited, trading as Echelon (ASX:ECH), is an Australasian energy commodity exploration and production company headquartered in Wellington, New Zealand. Its portfolio spans wholly and partly owned onshore and offshore oil and gas assets in Australia, New Zealand and Indonesia, including indirect interests via a roughly 50% stake in ASX-listed Cue Energy Resources.

YTD Price Performance: 4.48%

Average Trading Volume: 20,012

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$78.38M

Learn more about ECH stock on TipRanks’ Stock Analysis page.