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New Zealand Oil & Gas Limited ( (AU:ECH) ) has issued an update.
Triangle Energy (Global) Ltd announced that its Becos-1 exploration well in the Perth Basin has been plugged and abandoned after failing to find hydrocarbons in economically viable quantities. Despite this setback, the company remains optimistic about its exploration prospects in the region and is financially positioned to pursue future projects, bolstered by anticipated proceeds from asset sales.
More about New Zealand Oil & Gas Limited
Triangle Energy (Global) Ltd is an ASX-listed oil producer and explorer based in Perth, Western Australia. The company holds a significant interest in the Cliff Head Oil Field and operates the Arrowsmith Stabilisation Plant. Triangle Energy also has stakes in the Mt Horner L7 production licence and the EP 437 exploration licence in the Perth Basin, as well as interests in the UK, including the Cragganmore gas field.
YTD Price Performance: 450.0%
Technical Sentiment Signal: Sell
Current Market Cap: $50.07M
See more data about ECH stock on TipRanks’ Stock Analysis page.