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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Echo Energy Plc | LSE:ECHO | London | Ordinary Share | GB00BF0YPG76 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0031 | 0.003 | 0.0032 | 0.0031 | 0.0031 | 0.00 | 158,428,180 | 07:32:50 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 14.11M | -9.59M | -0.0017 | 0.00 | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
16/7/2020 07:20 | Echo Energy, the Latin American focused upstream oil and gas company, announces that it has successfully restructured its relationship with CompaƱia General de Combustibles S.A. ("CGC" or "the Operator") on an interest in the Tapi Aike licence (the "Licence" or "Tapi Aike"). The new agreement, in line with the Company's immediate focus on optimising capital allocation, enables Echo to cease commitments to ongoing pre-drill expenditure at Tapi Aike, whilst maintaining an option for the Company to re-enter the western cube (Traversia de Arriba) of the Licence (the "Western Cube") once pre-drill technical activities have been completed by the Operator and Echo has assessed the data available. In line with the Company's focus within its portfolio on cash generative production and on reducing costs, while maintaining exposure to exploration and development opportunities, Echo has entered into an agreement with the Operator to reposition the Company's 19% participating interest in Tapi Aike such that Echo is relieved of all Licence funding requirements including ongoing pre-drill work and remaining Licence commitments (including well costs, abandonment fees and decommissioning liabilities) through a withdrawal from Tapi Aike with an effective date of 1 July 2020 and the grant of an option to the Company allowing the Company to re-enter a 19% participating interest in the Western Cube (the "Option") ahead of the next well spud in the Western Cube drill programme (the "Relevant Well") providing access to exploration upside. The Western Cube and the exploration potential it provides remains strategically important for the Company and while management's technical view of its prospectivity remains unchanged ahead of final data evaluation, the restructuring affords the Company an opportunity to re-evaluate its ongoing commitment to the Western Cube and to the related future costs and liabilities at a later date - with the benefit of being able to make that commitment with greater visibility of well costs, technical data and market conditions at the time. Before the exercise by the Company of the Option, the restructuring is expected to save the Company approximately USD 36,000 a month in operating costs and enables Echo to delay and, importantly, possibly avoid all near term costs and future liabilities associated with a participating interest in the Licence. The consideration payable by the Company to the Operator for the entry of the Option of USD 339,000 represents an amount equivalent to a proportion of amounts that Echo would otherwise be required to meet under existing arrangements in respect of technical work which has already been executed on the Licence but not yet settled. This payment is deferred until the earlier of: (i) the Company receiving a VAT cash refund from the Argentine authorities expected to be in excess of US 1 million, (ii) 12 months from the signing of the Option, or (iii) at the point of the Operator spudding the Relevant Well. The Option is exercisable by the Company at any time up until 30 days prior to the drilling of the Relevant Well for an additional payment to the Operator by the Company of USD 503,000, equivalent to the cost of technical work which has already been completed on the Licence. Prior to exercise of the Option, Echo will be provided with access to all pre-drill technical information, data and the Operator's interpretations on the then proposed Relevant Well. In addition, and once the results of the Relevant Well are confirmed, Echo will also have a further right to elect to withdraw from the Western Cube for no additional cost or to continue with subsequent exploration wells in the area. The Board of Echo believes that immediate cessation of operating costs paid by the Company to the Operator, will better align the Company and its partners in Tapi Aike, in concluding the ongoing technical work in a timely manner, in advance of a decision regarding the Relevant Well. Martin Hull, Chief Executive Officer of Echo Energy, commented: "We have taken a series of steps in recent months to reinforce our financial platform and deliver innovative mechanisms to reduce upfront cost while maintaining both exploration and development optionality. We continue to adapt Echo's strategy for the current oil and gas price environment, with a clear focus on production, cost reduction and on investing where we can most effectively add value for shareholders. We are therefore delighted to have restructured our relationship with CGC which will enable us to sharpen our near term strategic focus on our low-risk production and substantial development and exploration opportunities at Santa Cruz Sur, while also streamlining our overall operational costs by eliminating immediate expenditure at Tapi Aike. It is important that we retain optionality and can, at the Company's discretion, participate in the drilling of the next well at Tapi Aike should we elect to following assessment of the technical data and prevailing commercial circumstances. We have also continued to screen multiple assets in the LatAm region, looking for opportunities to deploy innovative financing solutions and look forward to updating the market on progress right across our portfolio as we look to progress opportunities both in the near term and further out." | rwells4474 | |
13/7/2020 19:01 | I Don't get the point of these agms. total waist of time. More worried about the share price that s stuck in a downward spiral. | kasspass | |
08/6/2020 07:51 | :0) G. | garth | |
08/6/2020 07:13 | So if I am reading todays news correctly the NPV of the first 4 workovers is worth more than the current MCAP ? | ride daice | |
04/6/2020 12:12 | Slowly slowly catchy monkey... G. | garth | |
22/5/2020 18:07 | I’ve certainly not given up on ECHO. It may take some time but am in no doubt about the value of TA which is blindingly absent from todays MCap . One solid TCF column in TA and we’re straight to 15-20p++ I believe TA has that multi-TCF potential and ‘someone’ | knackers | |
22/5/2020 14:01 | BRH about to move gents. Seller is out | justaman | |
22/5/2020 13:10 | Excellent movement north only 15p more required to break even lol | borg45 | |
22/5/2020 12:15 | You in here too tidy? | justaman | |
22/5/2020 12:07 | Probably pre set limit sells from those not aware of the news yet babs. | tidy 2 | |
22/5/2020 12:05 | Great week so far here. Those looking for a quick trade BRH seller has cleared so could see a decent trade to plump back into here. Have a good long weekend gents :) | justaman | |
22/5/2020 11:54 | 1p sellers.... Could go either way... | babbler | |
22/5/2020 11:51 | Already has. Maybe higher. Down from 4p. | babbler | |
22/5/2020 11:45 | Will break 1p today - by the looks of it - | tomboyb | |
22/5/2020 11:44 | priced to go bust good luck | stockhunters | |
22/5/2020 11:44 | Auction. Looks good. | babbler | |
22/5/2020 11:35 | A little further out of the woods. | steelwatch | |
21/5/2020 07:45 | Need 3p to break even unfortunately | peterdonovan | |
20/5/2020 17:28 | you don't say what price you averaged down at? If you did it at say 0.5p and doubled your original investment made at 13p you would now be about 20% down. which is just less than today's rise. May be in profit by the end of the week!!! | eggbaconandbubble | |
20/5/2020 16:17 | Averaged down from 13p lol | peterdonovan | |
20/5/2020 14:53 | Well guys, you can always average down! | eggbaconandbubble | |
20/5/2020 13:25 | rwells if it is any comfort you aren't alone, I need 8.7p. We can but hope, and at this price all we have is hope. | l30nski | |
20/5/2020 13:04 | 3.5p!!! I need 10p ffs | rwells4474 |
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