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New Zealand Oil & Gas Limited ( (AU:ECH) ) has provided an update.
Triangle Energy (Global) Limited has commenced drilling the Becos-1 exploration well in the Perth Basin, in collaboration with Strike Energy Ltd and Echelon Resources Ltd. The well targets the Bookara Sandstone horizon, with prospective resources estimated between 1 and 21 million barrels. The drilling aims to reach a total depth of 1,164 meters, with a 20% geological chance of success. This development could significantly impact Triangle’s resource base and industry positioning if successful.
More about New Zealand Oil & Gas Limited
Triangle Energy (Global) Limited operates in the oil and gas industry, focusing on exploration and production activities. The company is involved in joint ventures and partnerships to explore and develop oil and gas resources, primarily in the Perth Basin.
YTD Price Performance: 455.56%
Technical Sentiment Signal: Strong Sell
Current Market Cap: $54.92M
See more data about ECH stock on TipRanks’ Stock Analysis page.