Horizon Oil Extends Deadline for Mereenie Gas Sales Agreement

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

Horizon Oil and its Mereenie Joint Venture partners have agreed with the Northern Territory’s Power and Water Corporation to extend the deadline for executing a binding long-term gas sales agreement from 20 February 2026 to 2 March 2026. The short extension suggests negotiations on the Mereenie gas offtake are progressing but require additional time, with the eventual agreement expected to underpin future production from two new wells and provide greater supply certainty for the territory’s power utility and regional energy consumers.

The revised timetable slightly delays formalisation of an important revenue source for Horizon and its partners, but maintains commercial momentum around the Mereenie project and signals continued commitment from both the producers and the government-owned buyer. Stakeholders will be watching for the final terms of the gas sales agreement, which will shape cash flows for the joint venture and influence gas availability and pricing in the Northern Territory market.

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

Horizon Oil Limited is an Australian oil and gas company focused on exploration, development and production, with a portfolio that includes interests in the Mereenie gas field in the Northern Territory. The company supplies gas to regional energy markets, positioning itself as a key upstream contributor to local power and utilities demand.

Average Trading Volume: 17,497

Technical Sentiment Signal: Sell

Current Market Cap: A$75.02M

For a thorough assessment of ECH stock, go to TipRanks’ Stock Analysis page.