Quarterly Activities Report
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| Stock | ECH.ASX (ECH.ASX) |
|---|---|
| Release Time | 31 Jul 2026, 11:23 a.m. |
| Price Sensitive | Yes |
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Echelon Resources Q2 2026 Highlights
Key Points
- Completed divestment of Cue Energy, holding 6.64% in Horizon Oil
- Received A$17 million in cash proceeds
- Strong cash flows with receipts up 11.3% from last quarter
- Executed Kupe and Palm Valley Gas Supply Agreements
- Palm Valley drilling program initiated
Full Summary
Echelon Resources completed the divestment of its Cue Energy shareholding through Horizon Oil's takeover offer, receiving A$17 million in cash. This transaction strengthened the balance sheet and positioned Echelon as a 6.64% shareholder in Horizon Oil. Cash flows increased by 11.3% compared to the previous quarter, with receipts totaling A$30.2 million. New Gas Supply Agreements were executed for both the Kupe and Palm Valley Joint Ventures, providing long-term contracted gas sales. Drilling of PV-14 commenced on 25 July 2026, marking the start of the Palm Valley drilling program. Production volumes were flat at 381,992 barrels of oil equivalent (boe) with a daily production rate of 4,198 boe per day.
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