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New Zealand Oil & Gas Limited ( (AU:ECH) ) just unveiled an update.
Horizon Oil Limited and its Mereenie Joint Venture partners have signed a Letter of Intent with the Northern Territory’s Power and Water Corporation to accelerate drilling of two wells and secure long-term gas supply agreements. The initiative aims to commence drilling by mid-2026, with plans to supply additional gas volumes to the market quickly, enhancing energy security in the region. The agreements are expected to support gas demand in the Northern Territory through 2034, with preparations for the drilling program already well underway.
More about New Zealand Oil & Gas Limited
Horizon Oil Limited operates in the oil and gas industry, focusing on exploration and production. The company holds a 25% interest in the Mereenie field, collaborating with partners such as Central Petroleum Limited and Cue Mereenie Pty Ltd, to enhance gas supply in the Northern Territory.
YTD Price Performance: 6.48%
Average Trading Volume: 16,020
Technical Sentiment Signal: Sell
Current Market Cap: A$77.26M
See more data about ECH stock on TipRanks’ Stock Analysis page.