New Zealand Oil & Gas Limited (AU:ECH) has released an update.
Triangle Energy Global Ltd has received the green light for its Environmental Plan, enabling the drilling of the Becos-1 well, which is estimated to potentially recover 5 million barrels of oil. The company, in partnership with Strike Energy Ltd and Echelon Resources Ltd, is currently evaluating rig tenders, with a decision expected shortly. This drilling campaign aims to tap into the oil reserves of the Bookara and Arranoo reservoirs that have previously shown promising signs of oil and gas presence.
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