Echo Energy Share Discussion Threads

[peterdonovan] 09/10/2022 17:05

I can see the shorters haven't just like every other boards your on you will get badly burned very soon, with all the different profiles you have.

[helpfull] 06/10/2022 08:49

Riddle me this?

Why would a company with cash and cash equivalents of $1,314,969 at end June 2022 need to raise £600,000 (~$720,000) less than 2 months later? Sooner or later someone will ask for the $19,511,235 trade payables to be actually paid. Are the plates spinning out of control?

Be careful.

[helpfull] 04/10/2022 08:43

Should shareholders be worried?

Trade payables? Debt? Money owed?

Trade payables end Dec 2020 : $13,249,146 (of which $9,726,978 are Joint venture
payables up from $4,913,915)

Trade payables H1 Jun 2021 : $10,075,368

Trade payables end Dec 2021 : $16,023,500

Trade payables H1 Jun 2022 : $19,511,235

Trade payables (debt) is booming.

"The SCS asset joint venture continues to have high creditor balances, as a result of difficult trading conditions in 2020 and 2021. Whist the level of local creditors remains a a key concern......"

Whatever is being done doesn't appear to be working. Trade payables debt looks to be about twice the value of the company (and this doesn't include loan/bond debt).

Be careful.

[helpfull] 30/9/2022 11:16

God help any new investor thinking of buying these shares.

Read the interims.

The company again refrains from like for like comparisons. So here are some:

H1 2022 production 261,290 boe. H1 2021 production 304,639 boe. (-14%)

H1 2022 production 48,600 bbls of oil. H1 2021 production 37,159 bbls of oil. (+30%)

H1 2022 production 1,280 MMscf of gas. H1 2021 production 1,605 MMscf gas. (-20%)

H1 2022 revenue $6,230,288. H1 2021 revenue $5,891,413. (+6%)

H1 2022 cost of sales $7,256,796. H1 2021 cost of sales $5,497,993.(+31%)

Echo is producing at a loss. Cost of sales are increasing drastically. Not so revenue. The oil produced was sold at an average price of $51.5 per barrel. But if you want a real kick in the teeth:

H1 2022 trade payables $19,511,235. H1 2021 trade payables $10,075,368. (+93%)

That is not a small number. Was it mentioned by the chairman or CEO? A massive spiralling new debt. Is it out of control?

On a happier note the admin. costs were down 25% representing a reduction in the humongous bonus the CEO received last year. Swings and roundabouts.

Be careful.

[one_frankel] 27/9/2022 23:33

Dont worry about the destitute P_akistani Immigrant Mo_hammad folks or more affectionately known as Kemche as he thought Advfn is for 'Immigration' with his extended family of inbreds, aint that right Mo_hammad?

...But P_akistan really needs you for 'Jihadi' wife numero cinq and its rather perfect timing with the markets the way they are for all your martyring!

[peterdonovan] 27/9/2022 16:25

Very funny ,Not

[helpfull] 27/9/2022 11:56

It might be worth any new investors in Echo Energy spending the time to read the interim report issued by President Energy(PPC). They have difficulty getting money out of Argentina. Luckily, Echo do not make a profit and so it should not affect them.

Be careful.

[gary38] 27/9/2022 07:35

https://www.ii.co.uk/news/operations-update-production-enhancement-plan-rnsLSE20220927070011_4522471

[gary38] 26/9/2022 09:29

Andina Plc has invested 4.91% in the Echo energy.

[rangenoresources] 26/9/2022 06:58

Fake Arnie works for a deramping boiler room

[terminator101] 24/9/2022 14:10

Will there be more whooshing in this pile of parsons lifestyle pish when those interims come out?

[helpfull] 22/9/2022 09:32

Interim result in 2021 were on 30 September. So due end of next week.

Be careful.

[helpfull] 08/9/2022 08:36

Management didn't like to compare this years production with that of last year. Why not?

Gas production 2021 : 8.0 mmscf/d

Gas production 2020 : 10.2 mmscf/d

A 22% fall in gas production.

Oil and condensate production 2021 : 222 bbls/d

Oil and condensate production 2020 : 259 bbls/d

A 14% fall in oil and condensate production.

To accompany this fall in production there was a 12% rise in the cost of sales.

And a 20%+ rise in trade and other payables, otherwise known as debt.

Good news is that administrative expenses fell by 10% which is largely accounted for by M Hull picking up a lesser bonus than his previous $307,969.

Swings and roundabouts. For some.

Be careful.

[helpfull] 07/9/2022 09:10

Martin Hull had a total remuneration of $423,704 last year which included a bonus of $59,288.

James Parsons, non-executive Chairman, had a remuneration of $110,304, up from $84,210, a 30%+ rise.

The remuneration committee has lost two directors since year end, Stephen Whyte and Gavin Graham.

Losses for the company and shareholders, but gains for some people. So not all bad.

Be careful.

[eatstocks] 06/9/2022 18:41

All of it Gary absolutely all of it!

[kemche] 06/9/2022 16:34

These are stupendous results as Gary rightly notes.

[helpfull] 06/9/2022 16:17

He/she might want to mention the "Trade and other payables". An amazing $16,023,500 of debt (70% to Echo) up from $13,249,146 last year. And well ahead of $13.8m that was expected in the RNS dated 27 Jun 2022. A 16% increase. A fair discrepancy when dealing in millions and rising fast. And larger than the debt that the company wants to convert to equity and swamp current shareholders. But the important thing is that the management estimate was so wrong and might be a sign that they are out of touch with, and out of control of what is going on in Argentina. Another indicator of that might be the 13% increase in cost of sales whilst production was flat.

Be careful.

[gary38] 06/9/2022 15:10

If you are for real Eatstocks,point out what's is so terrible about these results.

[eatstocks] 06/9/2022 13:59

Are you for real Gary. Please point me to what is solid in these finances!?

[helpfull] 06/9/2022 09:34

What was the cash situation at end 2021?

Taken from the 14 Jan 2022 cash raise RNS:

"As at 30 December 2021 the Company's unaudited cash balance, excluding Echo's 70% entitlement to cash balances held by the Santa Cruz Sur joint venture in Argentina, was approximately US$520,000"

Taken from the 27 Jun 2022 Extension to Publication of 2021 Accounts RNS:

"Echo's consolidated cash position as at 31 December 2021 was US$0.9m, up 28% from US$0.6m as at 31 December 2020"

Today shareholders learn the cash position on 31 Dec 2021 was:

$241,620

With another $500,719 held by joint venture partners.

There is no confusion here. The management are accountants and bankers aren't they?
Why the obfuscating? Have potential investors been misled?

Be careful.

[gary38] 06/9/2022 07:58

Good set of results,well done to all at ECHO Energy,carry on the good work as 2022 is turning into a exciting year.