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Echelon Resources Limited (ASX:ECH)

ALERT: Price-sensitive ASX Announcement for ECH
Current share price for ECH : $0.345 -0.005 (-1.43%)+
Announcement
Release
31 Jul 2026 11:23AM
Price at Release
$0.350
Full Release
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Summary
During the quarter ending 30 June 2026, Echelon Resources Limited successfully divested its shareholding in Cue Energy as part of Horizon Oil's takeover offer, resulting in a streamlined portfolio and a 6.64% stake in Horizon Oil. The company received A$17 million in cash from the sale and completed significant debt repayments totaling A$19 million. Echelon also executed new Gas Supply Agreements for the Kupe and Palm Valley Joint Ventures, ensuring long-term gas sales and continued investment in the Amadeus Basin. Notably, a drilling program at Palm Valley commenced, aiming for further production growth. Echelon's cash balance stood at A$25 million at quarter end, reflecting strong operational cash flows and active financial management.
Key Points
  • Completed divestment of Cue Energy through Horizon Oil's takeover offer.
  • Received more than A$17 million in cash proceeds.
  • Echelon now holds a 6.64% shareholding in Horizon Oil.
  • Strong cash flows with receipts up 11.3% from last quarter.
  • Executed Kupe and Palm Valley Joint Venture Gas Supply Agreements.
  • Debt repayments of A$19 million were made during the quarter.
  • Palm Valley drilling program commenced on 25 July 2026.
  • Echelon's cash balance was A$25 million as of 30 June 2026.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.