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Share Name Share Symbol Market Type Share ISIN Share Description
Echo Energy Plc LSE:ECHO London Ordinary Share GB00BF0YPG76 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.005 0.95% 0.53 0.52 0.54 0.535 0.53 0.535 4,496,871 11:33:31
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 11.1 -15.3 -2.0 - 7

Echo Energy PLC Operational Update

05/10/2021 7:00am

UK Regulatory (RNS & others)


Echo Energy (LSE:ECHO)
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RNS Number : 9808N

Echo Energy PLC

05 October 2021

5 October 2021

Echo Energy plc

("Echo" or the "Company")

Operational Update

Maximising value from increases in liquids production

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q3 2021.

Operational Update

The Company is pleased to announce that further to the announcement dated 26 August 2021, a further three wells from the Campo Molino oilfield have been brought online. All the recently reactivated wells are producing in-line with expectations. Maximum daily reported production achieved after these wells have been online has been around 350 bopd (net to Echo) This represents a further 20% increase from production levels announced on 26 August.

In the month of September liquids production net to Echo averaged approximately 290 bopd. This continues to represent an almost 50% increase in the total daily liquid production rate at Santa Cruz Sur when compared to the period immediately prior to the restoration of production from the Campo Molino field just over a month ago. Production levels from the seven reactivated wells continue to indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field, with those wells now being managed to deliver the same average monthly rate as had been achieved prior to shut in in April 2020.

Liquids produced at Santa Cruz Sur can cater for a variety of blend types, as and when required from customers. Given the opportunity presented by improving markets, and increases in realisable prices for higher quality products, the Company has optimised its commercial position by focussing production and sales on the highest quality blends, the prices of which have increased more quickly than other blends.

As a result of the demand and increased realised prices of higher quality blends, production from Santa Cruz Sur will, in the short term, be managed to focus upon production to deliver the highest quality and highest-priced blend which can be delivered from existing producing wells.

Martin Hull, Chief Executive Officer of Echo Energy, commented:

" Our pursuit of value for shareholders continues as we look at ways of maximising the price of our sales. The work we have done in recent months has borne fruit and we are now seeing materially higher prices for our higher-quality blend. This, coupled with increased production levels from the reactivated wells at Campo Molino, means we are seeing stronger cashflows as we head towards the end of the year."

For further information, please contact:

 
Echo Energy                             via Vigo Communications 
 Martin Hull, Chief Executive Officer 
Vigo Consulting (IR & PR Advisor) 
 Patrick d'Ancona 
 Chris McMahon                             +44 (0) 20 7390 0230 
Cenkos Securities (Nominated Adviser) 
 Ben Jeynes 
 Katy Birkin                               +44 (0) 20 7397 8900 
Shore Capital (Corporate Broker) 
 Jerry Keen                                +44 (0) 20 7408 4090 
 

Note

The assignment of Echo's 70% non-operated participation in the Santa Cruz Sur licences is subject to the authorisation of the Executive Branch of Santa Cruz's Province, which is part of the overall process of title transfer that is proceeding as anticipated. bopd means barrels of oil per day; bbl means barrel.

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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October 05, 2021 02:00 ET (06:00 GMT)

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