- Business
- Echelon Resources Limited (ASX:ECH, OTC:NZEOF) is an Australasian-focused energy commodity exploration and production company headquartered in Wellington, New Zealand, and founded in 1981. The company holds stakes in a portfolio of onshore and offshore oil and gas assets across Australia, New Zealand, and Indonesia, either directly or indirectly through its approximately 50% ownership in ASX-listed subsidiary Cue Energy Resources Limited (ASX:CUE); core products and services encompass natural gas, liquefied petroleum gas (LPG), condensate (light oil), and crude oil from key segments including the Perth Basin (exploration interests in L7 Production Licence and EP437 Exploration Permit, Western Australia), Kupe oil and gas field (development, production, and sales of natural gas, LPG, and condensate in the offshore Taranaki Basin, New Zealand), Amadeus Basin (Mereenie oil and gas field, Palm Valley gas field, Dingo gas field, and EP145 exploration permit, Northern Territory, Australia), and Cue Energy interests in Indonesia and New Zealand. Echelon serves energy markets in these regions, with a strategic emphasis on non-operated interests in high-quality production assets supporting the energy transition through reliable gas supply. In recent developments, the company rebranded from New Zealand Oil & Gas Limited in July 2024, changed its presentation currency to Australian dollars from 1 July 2024, acquired an additional 25% interest in the Mereenie field (delivering first full-year impact in FY2025 with production up 26% to 1.7 million barrels of oil equivalent and revenue rising 34% to A$115.3 million), completed a 100% interest and operatorship acquisition of the prospective EP145 exploration permit adjacent to Mereenie in June 2025 (preparing a major 3D seismic survey), enhanced gas sales agreements in the Northern Territory, signed a Perth Basin drilling contract, drilled successful Mereenie in-fill wells (WM29 and WM30) online in February 2025 boosting gas output 16% to 9.5 petajoules, reported underlying NPAT up 42% to A$16.5 million (excluding impairments and exploration costs) with operating cash flows up 62% to A$54.1 million for the year to 30 June 2025, and declared a final dividend of AUD 0.75 cents per share (full-year total AUD 2.25 cents). Echelon operates as a subsidiary of O.G. Oil & Gas (Singapore) Pte Ltd, maintains a workforce of around 15-25 employees, and prioritizes ethical, values-based operations with robust ESG standards in its growth strategy of acquiring balance sheet-supported assets in familiar geographies.