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Echelon completes $400,000 acquisition of Northern Territory gas permit
Echelon Resources has completed the acquisition of a 100 per cent interest and operatorship in Exploration Permit EP145 in the Amadeus Basin, Northern Territory, for $400,000.
Echelon completes $400,000 acquisition of Northern Territory gas permit
Echelon Resources has completed the acquisition of a 100 per cent interest and operatorship in Exploration Permit EP145 in the Amadeus Basin, Northern Territory, for $400,000.
The company acquired the onshore permit from London Stock Exchange-listed Mosman Oil & Gas, with the deal including a 5 per cent royalty on helium and hydrogen.
EP145 is adjacent to the Mereenie Gas Field and located in Echelon's core asset area in the Northern Territory, where the company has production from its Mereenie, Palm Valley and Dingo fields.
Two exploration wells were drilled in the permit area in the early 1980s, with the West Walker-1 well making a gas discovery.
The well encountered gas bearing sands in the Pacoota Sandstone and produced 3 million standard cubic feet per day on testing.
This is the primary producing reservoir at the adjacent Mereenie Gas Field.
Echelon plans to apply high resolution 3D seismic followed by drilling to define the discovery, aiming to tie the gas resource into the Northern Territory gas market.
"This is very exciting acreage, with a discovery on it, in a corner of the world we know well, in a market that has great ambitions that all need gas," said Andrew Jefferies, Echelon Chief Executive.
The company has engaged Fleet Space Technologies to conduct an active seismic survey over the prospective area in 2026 using its ExoSphere platform.
This will be the largest 3D acquisition in the Amadeus Basin.
"Given the proximity to infrastructure, the supportive NT regulatory environment, and our connections to both the burgeoning East Coast and NT markets, it's my hope that we can be cooking with EP145 gas in the coming years," said Jefferies.
Echelon supplies gas into a market where customers are seeking new gas supply.
The company is an Australasia-focused energy commodity exploration and production company headquartered in Wellington, New Zealand.
Its portfolio comprises wholly and partly-owned onshore and offshore oil and gas assets in Australia, New Zealand and Indonesia.
These stakes are held either directly by the company or indirectly through its approximately 50 per cent stake in ASX-listed Cue Energy Resources.
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