Echo Energy Share Discussion Threads

[terminator101] 23/6/2021 18:03

Must be soon with the comedy 1 code :-)

[terminator101] 23/6/2021 11:11

Wonder what price the crew will start buying back in huh? Then the pump and dump cycle can begin again

[terminator101] 23/6/2021 10:52

And into the 0.6’s

[burtond1] 23/6/2021 07:22

The oil and gas industry's tumultuous 2021: what does it mean for small caps?"..Brent crude has reached its highest level in two years, with some leading commodity traders suggesting prices might persist above $100.."https://total-market-solutions.com/2021/06/the-oil-and-gas-industrys-tumultuous-2021-what-does-it-mean-for-small-caps/

[helpfull] 22/6/2021 07:51

Did you do a cheeky little top up yesterday? It would have been rude not to have done. What did the RNS tell shareholders?

1470 mmscf of gas produced in 165 days at 8.9 mmscf per day. Better gas prices(?) offset by slightly lower production(10%). No great change to revenue overall.

33,910 bbls of oil and condensate produced in the same 165 days at a rate of 206 bbls per day. That rate increased to an average of 215 bbls per day in the 75 days since end of March. What happened to:

"As a result of a series of optimisation activities being implemented in the field around the current production, average net daily liquids production in March 2021 increased to 230 bbls/d, a 24% increase over production in February 2021"?

10 wells to be brought back online. Bringing the total to 18. That means at present 8 wells are producing 215 bbls per days or 27 bbls per day each. Small beer. The next ten pencilled in at 9.6 bbls per day each at best. The best wells are opened first so the next 17 will be a trickle.

Even at a production rate of 300 bbls per day and an oil price of $75 per barrel, revenues are struggling to match cost of production and administration charges. There is the £1,000,000 loan by March 2022 to consider and that is after £250,000 in 3 monthly increments( 1 x £100,000 + 3 x £50,000). Cash is burning. And the €25,000,000 debt looms. Be careful.

[terminator101] 17/6/2021 09:16

Into the 0.60’s soon

[steelwatch] 16/6/2021 13:09

Resolutions 1 to 5 were duly passed whilst resolution 6 did not meet the requisite 75% voting threshold for that special resolution to pass.

[helpfull] 11/6/2021 12:48

That rat stuck up that pipe is beginning to smell. Be careful.

[terminator101] 10/6/2021 13:20

How low can echo go? Maybe find a bit of support below 0.6

[knackers] 10/6/2021 11:17

"As previously announced the total additional gross production of the wells expected to be brought on stream is expected to be in the range of 480 – 600 bbl/d (net 336 – 420 bbl/d. The excellent progress in continuing to deliver this project to schedule represents an important achievement".

"Once this capacity is commissioned and fully operational, it will support full production levels and new organic production growth from a number of identified production enhancement projects and workover opportunities. The increasing cashflows seen from existing production combined with improved commodity prices provide scope for these relatively small scale investments to be funded from operations."

That's just for starters. Keep up.

[helpfull] 09/6/2021 10:12

Is Echo Energy on countdown to the next cash raise? Get the Q&A done and by the time the next comes around all will be forgotten. Those ten wells to be reopened. Can 7 bopd each be imagined? There's £250,000 in instalments to pay off the £1,000,000 loan on going, followed by £1,000,000 next March. The cash will run out long before being replenished. Oil and gas production has fallen. Be careful.

[terminator101] 19/5/2021 18:32

Strong buy huh. How has today's collapse in the share price worked out for you then?

[billthebank] 19/5/2021 18:30

I can see this dropping all the way down to 0.6!!! Aaaarrrgghhh!!!

[terminator101] 19/5/2021 07:35

Thats one way to disguise the offloading huh

[helpfull] 18/5/2021 09:07

You burn $533,604 in the first half of the year.

You burn $2,047,326 in the second half of the year.

And end up with $682,159 even though there were two cash raises of £475,000 and £700,000 in the second half of the year. You're haemorrhaging cash, making a loss, so you raise more money, £856,000.

What do you do next? You give the CEO a bonus! Not just any bonus. But a $307,969 cash bonus on top of a salary of $372,774. For performance. And because the company was in distress the previous year and couldn't afford to pay him a bonus.

Cash is disappearing fast. Next raise is looming. Be careful.

[steelwatch] 14/5/2021 09:46

Echo Energy plc
@echoenergyplc
·
1h
Progress on the pipeline infrastructure continues with some sections now delivered in field and installation progressing on schedule

[terminator101] 12/5/2021 20:56

Just don't mention that the fundamentals of this perpetual loss making overvalued fluff are terrible huh.

[oilbuy] 12/5/2021 18:42

#echo. Pullback complete back to .86 support and bounce? Straight to the top trend line resistance. Break that and it's on its way. Closed above 9ma 20ma. Breakout the triangle needed. 100 ma support moving up. Rsi broke 50 positive. Macd still above zero. Watching. DYOR! https://t.co/7nRJoBCwj7

[oilbuy] 12/5/2021 16:31

Nice finish

[oilbuy] 12/5/2021 13:48

Moving on up further

[oilbuy] 12/5/2021 13:17

Moving on up now

[helpfull] 12/5/2021 11:58

Show me the money!

Cash and cash equivalents 1st Jan 2020: $1,698,012

Issue of share capital H1 2020: zero

Cash and cash equivalents 30th Jun 2020: $1,164,408 ,

Issue of share capital H2 2020: $1,565,077

Cash and cash equivalents 30th Dec 2020: $682,159

27th July 2020 cash raise of £475,000 and 1st Dec 2020 cash raise of £700,000 make up the H2 2020 $1,565,077 issue of share capital.

$533,604 of cash used in H1 2020. Followed by $2,047,326 of cash in H2 2020. That's $2,047,326 of cash in six months. That's not including VAT reclaims($92,000). Almost the whole of the 1st Dec 2020 £700,000 cash raise wiped out before 31st Dec 2020. The figures are in the final results for 2020.

Luckily, a further £856,000 was raised on 22nd Dec 2020 and 74,200,000 warrants exercised at 0.3p gained Echo another £222,600 in April 2021. But the cash burn accelerated as 2020 ended as oil and gas prices increased. Would the cash burn have stopped at year end or continued well into 2021? Be careful.