New Zealand Oil & Gas Limited (AU:ECH) has released an update.
Echelon Resources Limited, formerly New Zealand Oil & Gas Limited, reported a strong quarter ended September 2024, with a 60% increase in Amadeus production receipts and a dividend payment of AUD 1.5 cents per share. The company has enhanced its stake in Mereenie by 25% and secured long-term Gas Sales Agreements with the Northern Territory Government, ensuring stable revenue until 2030. Despite a less than expected outcome from the Booth-1 well in the Perth Basin, Echelon continues to plan further drilling activities, supported by robust production volumes.
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