• Completed EP145 acquisition and signed Seismic Acquisition Agreement
• Sold Brewer Estate for A$2 million
• Amadeus production receipts up 24% quarter-on-quarter

Echelon Resources Limited has reported its Quarterly Activities for the 3 months ended 30 June 2025. Key highlights include the completion of the EP145 acquisition, positioning Echelon as the operator of a highly prospective permit adjacent to the producing Mereenie field. Planning is now underway for a 3D seismic survey, with a Seismic Acquisition Agreement signed with Fleet Space. The company also sold the non-core Brewer Estate oil terminal property near Alice Springs for A$2 million, removing associated rehabilitation liabilities. Production remained stable, buoyed by the success of the West Mereenie 29 (WM29) and West Mereenie 30 (WM30) wells, with Amadeus production receipts up 24% quarter-on-quarter. In Indonesia, Cue Energy Resources operations in Mahato continue to deliver strong results, with development drilling well advanced under the Optimisation Plan. In the Sampang PSC, negotiations on contract extension and commercial terms remain active, with the potential for Cue to increase its interest post-2027. In Western Australia, Echelon and one of its partners have initiated withdrawal from EP437 and L7 following a non-commercial result at Becos-1, sharpening the focus on higher-value opportunities.

Echelon Group closed the quarter with a strong cash position of A$36.8 million. Production receipts for the quarter totalled A$29.6 million, 2% lower than the previous quarter, impacted by timing of oil receipts for Maari and Mahato along with Sampang production issues following a scheduled maintenance shutdown. Amadeus receipts are up 24% on last quarter benefitting from the first full quarter of the two new Mereenie wells, WM29 and WM30, which are continuing to produce above pre-drill expectations.

Echelon remains well-positioned for future growth, with production revenues supporting dividends and development activities. The company retains balance sheet flexibility and a disciplined approach to portfolio evolution. Planning is now advanced for a 3D seismic survey over the West Walker gas discovery in EP145, with Traditional Owner engagement underway. Development drilling is also ongoing in the Mahato PSC, with a potential Phase 3 development plan targeting production expansion from the Telisa reservoir.