Echelon Resources (ASX:ECH) has release its Quarterly Activities Report - ended 31 December 2024.
Quarter Highlights
¬ Mereenie drilling outperforms
¬ Amadeus production receipts up 23%
¬ Enhancement to Gas Sales Agreements (GSAs)
¬ Perth Basin drilling contract signed
Overview
Echelon had a strong December 2024 quarter, marked by key achievements and strategic progress:
Northern Territory (NT) GSAs: These key agreements came into effect on 1 January 2025, providing long-term revenue stability, with an excellent customer in the NT Government, and at a value that reflects the reliability of our Amadeus gas portfolio.
Increased Drilling Activity: Preparatory work for the Mereenie field’s new development wells was completed, with West Mereenie 29 (WM29) well spudding on 5 December 2024, the reservoir section was drilled and completed using the underbalanced drilling technique. It was buttoned up by 14 January 2025, and very soon after flowed into the market by 20 January 2025. It was brought online at a rate of 6TJ per day, twice the predrill expectation. Subsequently West Mereenie 30 (WM30) has spudded and cemented its surface section to 582m Measured Depth (MD). As of 31 January 2025 the well has drilled to 1,151m MD and is drilling on to a prognosed Total Depth of 1,674m. Itis expected to be drilled, completed and tested in February 2025, with hookup and gas sales shortly after.
Kupe Field: There was an unplanned outage in mid-December, swift action by Operator Beach Energy restored output by quarter-end.
Annual General Meeting: This was held in November, with key updates shared and a recording available on our website here
ASX Recognition: Echelon was highlighted as a standout performer in the ASX Gems series. This recording is available to watch here.
Production Volumes: Robust at 4,481 barrels of oil equivalent per day (boepd), with a quarterly output of 412,246 barrels of oil equivalent (boe).
Exploration: Echelon is very well-positioned for a strong start to 2025, including the news of binding terms being agreed to obtain 100% of the EP145 block, hosting a gas discovery, next to our Mereenie field.
About us:
About Echelon Resources Limited
Echelon Resources Limited (ASX: ECH) is a nimble Australasia-focused energycommodity exploration and production company, headquartered in Wellington, New Zealand. The Company is committed to undertaking development and exploration activities that are ethical and values-based, and underpinned by quality relationships, skills and values. It also strives to deliver strong ESG standards that meet the benchmarks expected by communities and regulators.
The company’s portfolio comprises a spread of partly owned onshore and offshore oil and gas assets, located in Australia, New Zealand and Indonesia. These stakes are held either directly by the Company, or indirectly through its circa 50% stake in ASX-listed Cue Energy Resources Limited (ASX:CUE).
Echelon’s team of experienced energy sector experts, along with those of its key partners, are now working together to explore and develop multiple assets on the Company’s books. These activities have comprised multiple exploration programs thatcontinue to validate prospectivity within Echelon’s asset portfolio. At the same time, the Company along with its joint venture partners remain on the lookout for opportunities to acquire additional value-accretive producing and exploration assets.
To learn more, please visit www.echelonresources.com
Contact details:
Echelon Resources Limited (ASX:ECH)
Andrew Jefferies
CEO
E: [email protected]
Investor Relations
The Capital Network
Julia Maguire
T: +61 2 7257 7338
E: [email protected]