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 Shares Traded Last Trade
  -0.005 -0.45% 1.10 24,274,481 16:15:56
Bid Price Offer Price High Price Low Price Open Price
1.05 1.15 1.15 1.05 1.15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 2.59 -10.03 -2.61 13
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:05 O 1,376,772 1.089 GBX

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Echo Energy Daily Update: Echo Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker ECHO. The last closing price for Echo Energy was 1.11p.
Echo Energy Plc has a 4 week average price of 0.58p and a 12 week average price of 0.54p.
The 1 year high share price is 1.88p while the 1 year low share price is currently 0.32p.
There are currently 1,219,367,987 shares in issue and the average daily traded volume is 59,605,177 shares. The market capitalisation of Echo Energy Plc is £13,413,047.86.
helpfull: In the second cash raise in a month in December 2020, £856,000(gross) was raised. Warrants were issued at the same time with the placing shares: "warrants to subscribe for new Ordinary Shares attached, the Company has also conditionally issued 167,843,138 warrants to subscribe for new Ordinary Shares at any time until the second anniversary of issue (the "Subscription Warrants"). 83,921,569 of the Subscription Warrants are exerciseable at 0.7 pence per new Ordinary Share and 83,921,569 of the Subscription Price are exerciseable at 0.75 pence per new Ordinary Share". Perhaps large shareholders with warrants from this cash raise will announce shorts. Who knows? But the important aspect for shareholders to bear in mind is that these warrants when converted to shares represent stealth cash raises. At 0.3p in the case of Lombard and 0.7p/0.75p in the case of the December 22nd cash raise mentioned above. That would be 242,043,138 additional new shares. That's just under 20% of the company shares issue as it now stands. Or 16.5% of the enlarged share register which would be 1,461,411,125 shares. That's 16.5% for £1,439,461. Or £8,724,006 value put on the whole of the company or 0.6p per Echo share. And the 95,000,000 warrants at 1p from the 27th July 2020 cash raise have not been mentioned. Sssshhhhhush! It has begun. The first 5,245,098 warrants from the Dec 2020 cash raise have been exercised. Only another 162,000,000 to follow at 0.7p/0.75p. Hot on the heels of 74,200,000 warrants at 0.3p coming to market on Friday. Itchy feet. Anyone get the feeling that the rush to the exit has begun? The holders of the 95,000,000 warrants at 1p from the 27th July 2020 must be watching anxiously. 74,200,000 + 167,843,138 + 95,000,000. What does that add up to? 337,043,138 possible new shares coming to the Echo Energy share register. Is that an increase of 27%+ on the share register of 1,219,367,987 on 1st March 2021? The cash raise on 22nd December 2020 was "as a result of additional demand following the Company's fundraising announced on 1 December 2020". If there was "demand" why so generous with the warrants? There were no warrants when the cash raise on 1st December 2020 was announced. Expect turbulence. The short by Lombard recently caused the share price to fall. The small shareholder should be worried. Anyone know of a reason to sell the shares? Be careful.
helpfull: What has happened at Echo? The company will issue 74,200,000 new shares at 0.3p and receive £226,000. As a result of warrants. Lombard opened up a 6.08% short position to protect their shares. They liked the look of the 1.8p+ share price and wanted to protect the value of the investment before they had time to sell. They receive the shares on Friday 16th April 2021. And do they intend to sell? 74,200,000 shares. Says a lot about their thoughts on the company prospects. Have they not heard the share price will be 2.5p by the end of the month and even higher be year end? And why were they issued the 74,200,000 warrannts? Look at the 1st December 2020 debt restructuring announcement. The company deferred interest payment on the €5,000,000 8% loan until 2025. Lombard would have received €400,000 a year. If Echo paid the loan interest for the next two years it would have to pay €800,000. The company couldn't afford to pay. The warrants issue can be seen as a discounted placing at 0.3p. If the shares from the warrants are sold at 1.3p Lombard will receive £740,000. That's the equivalent of two years interest payment on the 8% €5,000,000 loan. Paid for from the share pool of the Echo shareholder. Be careful.
helpfull: Shorts! Don't you just love them. Lombard Odier open a short position in Echo Energy at 2.9% on 6th April 2021 followed by another 1.84% on 8th April 2021 bringing a total of 4.74%. What are they trying to protect? On 26th May 2020 Lombard had a holding of 31,170,000 shares representing 4.38% of the company's share issue, at that time, of 711,717,587 shares. The latest short of 4.74% represents 57,798,042 shares of the now increased share issue of 1,219,367,987 after 3 cash raises in the last year. So the short covers the shares held by quite a margin. What else might Lombard be protecting? Remember the €5,000,000 loan at 8% debt restructure announced on 1st December 2020? And the warrants? "74.2 million new warrants to subscribe for new Ordinary Shares (the "New Warrants") to effect a reduction in the exercise price of the New Warrants to 0.3 pence per new Ordinary Share. The New Warrants will vest on the date falling 3 months from Admission and expire on the Maturity Date". 74,200,000 at 0.3p and 3 months. The recent pump in the shares raised the share price above 1.5p. Those shares would be worth £1,113,000 at that price. And only £222,600 at 0.3p. A £900,000 difference. So Lombard protects itself. The "herd" might move on soon. Echo produce only about 210 bopd at present. And have hedged gas prices at $2.64 per month for 70% of its gas output. 74,200,000 shares would represent 6% of Echo shares. The short will have to be increased to cover it all. Add in the 31,170,000 shares Lombard already own and the short might be increased to 8% allowing for the increase share capital. Steady on. What about the option in the new debt restructure to convert interest on the bond into shares starting in September this year. That would be €400,000 of shares or about 30,000,000-40,000,000 shares each year. Lombard might want to increase that short. They will have plenty of shares to play with. Why protect? The shares fell to about 0.3p last year due to Covid. Argentina is now entering a second phase. The country can't afford to shutdown a second time. Be careful.
helpfull: Ouch! I hope there weren't too many mug punters stung at this mornings high prices. But don't worry maybe there'll be another group of mugs to take the burden off your hands. So the share price rises because debt repayment has been put back until 2025. Not true. There'll be no interest payments until 2025 but repayment of the debt starts in March 2024. Where did that year go? And what do your shares buy you? Echo is only producing 210 barrels of oil a day. Many of their wells produce 10-15 bopd. Shocking. Gas production is falling and despite announcing contracts to sell "at an average price of $2.64 per mmbtu" which is "a 39% premium above current local spot price" revenues are better elsewhere in Argentina: hxxps:// Echo Energy is still debt ridden. €35,000,000 by 2025 with accumulated interest. But that is not the only debt. Yesterday the £1,000,000 loan at 12% was due a £100,000 repayment. Followed by £150,000 over the next 9 months and then £1,000,000 next March. And don't forget the $2,200,000 loan for compressors. All in a country that aptly cannot meet it debt repayment. Keep a careful eye on the Covid situation in Argentina. The country will do anything to avoid a full lockdown. And watch to see if the management of Echo doesn't try a third cash raise in 6 months. There is plenty of demand for shares and an unending queue of mug punters. It would be rude not to. You do not want to hear it, but, be careful.
knackers: Ride, very well played and FWIW my posts 7 & 18 Dec 20 below and nothing has occurred since to change my mind. Reckon these targets are still on the money: + + + + + + 07 Dec: If Martin can get the balance of debt restructured Echo will be in good shape. The relatively new Sur assets ‘sure’ look promising ;) with a fair wind success with the testing at Limite and a couple of healthy work-overs I’d have thought 3k boe a realistic near term production target, providing a solid base to open up western TA where I sense - if historical drills are a thing to go by - there is far better (gas) prospectivity than in the East. Still big potential there and at these prices, fully discounted. Toe dipping. + + + + + + + 18 Dec: Morning team, see what today brings then. Not selling a single share sub 3p, and that’s my near term target. Echo is about as undervalued as Tesla is overvalued. Ridiculous state of affairs. If the mkt is a weighing machine it’s well and truly broke with these two. Echo share price targets in the next 11-18 months: - Work overs in Cruz Sur = 1-2p - Campo Limite successful test = 2-4p with upside from low risk springhill vicinity - 1st success in western cube TA = 7-10p Exciting year ahead and all underpinned by growing production base and an oh so low share price In a nutshell - Risk very much to upside. Martin Hull deserves a few options m’thinks. Respect.
helpfull: On 24th February 2021 I wrote: "Gas production for 2020 was 3,750 MMscf of gas. In the half year to 30th June 2020 Echo produced 1,954 MMscf of gas. So, 1,796 MMscf of gas in the second half of the year. This represents a fall from an average of 10.74 MMscf per day to 9.76 MMscf per day from first to second half. In February 2020 net daily production was 11.1 MMscf per day. Gas production is falling (10-15%)". Today's Commercial Update, if nothing else, confirms how poor the last year was for Echo Energy and how difficult this year will be. Shareholders are being told higher gas prices are being achieved as Argentina moves into the winter months. No great surprise. " gas sales beginning in May 2021, and provide for a 126% increase over annual industrial contract pricing previously achieved by the Company in May 2020" 126%. So was the previously achieved pricing $2.10 per mmbtu? The half year report to 30th June 2020 informed shareholders that: "Monthly volume weighted average gas prices for the period to 30 June 2020 ranged from US$2.10-US$2.77/mmbtu". So the lower figure might be used. "a 39% premium above current local spot price" gives an indication of current spot prices as $1.9 per mmbtu. In the 6th January Commercial Update, Argentinian high summer, the spot prices were $1.56 per mmbtu, so no surprise prices rise in winter. But are prices rising? From the Commercial Update 29th June 2020: "the Company is pleased to confirm that it has secured further extensions to existing contracts with two key gas customers for a further six months until 17 December 2020. These two extensions provide a weighted average contracted gas sales price of US$4.37 per mmbtu (where applicable, converted using the official exchange rate of the Government of Argentina) for combined net sales volume of 5.6 MMscf/d. The successful contract extensions pricing represents a significant premium to the current spot market of approximately US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020". Similar spot price. Higher price than today. Uhhhmm. Remember gas production is falling according to the latest company figures. 30% of gas is still sold at low spot prices. The company needs to renegotiate bond debt because it cannot afford to pay interest payments. Latest oil production figures were 210 bopd (c.210 bopd net to Echo's 70% interest, 8th Dec 2020). Be careful.
knackers: Morning team, see what today brings then. Not selling a single share sub 3p, and that’s my near term target. Echo is about as undervalued as Tesla is overvalued. Ridiculous state of affairs. If the mkt is a weighing machine it’s well and truly broke with these two. Echo share price targets in the next 11-18 months: - Work overs in Cruz Sur = 1-2p - Campo Limite successful test = 2-4p with upside from low risk springhill vicinity - 1st success in western cube TA = 7-10p Exciting year ahead and all underpinned by growing production base and an oh so low share price In a nutshell - Risk very much to upside. Martin Hull deserves a few options m’thinks. Respect.
helpfull: The numbers on the doors. 807,000,000 shares at present. You have to wait two days before another 233,000,000 Echo shares come along bringing the total to 1,040,000,000 shares in Echo. The 233,000,000 new Echo shares have been bought for 0.3p in the recent cash raise, 20% below the current 0.37p share price. A tidy profit to be had. If the debt restructuring goes through, the debt interest will be rolled up to 2025. Or this time next year it could be converted to Echo shares " issued at a 10% discount to the then prevailing share price at the time of the quarterly interest calculation". At €400,000 or £360,000 a year for the €5,000,000 loan that could be another 120,000,000 new Echo shares (at 0.3p) each year or potentially 600,000,000 new Echo shares ( at 10% discount ) each year for the total €25,000,000 of loans. You do the math. Ignore the (5x) 74,000,000 new warrants at 0.3p for sanity sake. Big numbers. Be careful
rwells4474: Echo Energy, the Latin American focused upstream oil and gas company, announces that it has successfully restructured its relationship with Compañia 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."
avsome1968: Alert Echo Energy PLC Half-year Report 30/09/2019 7:01am UK Regulatory (RNS & others) Echo Energy (LSE:ECHO) Intraday Stock Chart Today : Monday 30 September 2019 TIDMECHO RNS Number : 0443O Echo Energy PLC 30 September 2019 30 September 2019 Echo Energy ("Echo" or the "Company") Interim Results Echo Energy, the Latin American-focused upstream oil and gas company, announces its unaudited interim accounts for the period ended 30 June 2019. Highlights -- Restructuring of the Argentine portfolio consolidating the Company's focus on the Tapi Aike licence and its multi-Tcf exploration potential -- Safe and successful completion of Tapi Aike seismic acquisition campaign -- Extensive preparation for upcoming Tapi Aike exploration drilling campaign commencing Q4 2019 -- Rigorous evaluation of growth opportunities to maximise shareholder return -- Continued cost efficiency focus leading to substantial reductions in administration costs Martin Hull, Chief Executive Officer, commented: "The first half of 2019 was a period of change for Echo, one in which we successfully restructured our asset portfolio and re-focused the Company on Tapi Aike and our growth strategy. As we continue to progress towards the spud of our first Tapi Aike well in Q4 2019, we continue to be excited by the potential identified and look forward to providing updates as appropriate. " For further information, please contact: Echo Energy Martin Hull, Chief Executive Officer Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin +44 (0) 20 7397 8900 Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell +44 (0)20 7907 8500 Shore Capital (Joint Corporate Broker) Jerry Keen +44 (0)20 7408 4090 Vigo Communications (PR Advisor) Patrick d'Ancona Chris McMahon +44 (0)20 7390 0230 Chairman and Chief Executive Officer's Statement The first six months of 2019 have seen significant change as Echo moved successfully to restructure its portfolio in Argentina. With the completion of the restructuring, Echo has been able to improve its financial position and refocus its resources on the exploration of the Tapi Aike block and on the Company's growth strategy. Echo continued with the seismic acquisition programme for Tapi Aike which was successfully completed on time and on budget in June 2019. Argentina Restructuring Echo originally secured access to the Fracción C, Fracción D and Lagunas De Los Capones ("CDL") concessions in 2017 pursuant to the CDL farm-out agreement entered into with Compañia General de Combustibles S.A. ("CGC"). The Company and CGC subsequently completed a number of workovers and drilled four exploration wells across the assets. The exploration wells were designed to test the various plays which run through the CDL licences. The results of the drilling campaign were disappointing and, while hydrocarbons were present in several of the exploration wells, they were not capable of being produced at commercial rates. As a result, the Company considered that no substantial commercial upside remained in the CDL licences while they delivered declining production to Echo Energy at an unacceptable financial return for shareholders. The Board subsequently reviewed Echo's onshore Argentinian portfolio with a view to establishing the best way forward in terms of risk/reward balance and capital allocation. The early seismic indications from the Tapi Aike seismic acquisition campaign served to reinforce the Company's positive view of Tapi Aike as Echo's key strategic priority. Utilising the Company's funds in support of the Tapi Aike drilling campaign was therefore a key consideration. In order to deliver this strategy, the Company negotiated and agreed with CGC an accelerated close to the initial phase of works on the CDL concessions. CGC agreed to waive any outstanding work commitments, including the previously agreed CDL seismic commitment. The seismic campaign on CDL was expected to cost approximately US$ 11 million and would have been funded 100% by Echo. CGC took on all outstanding liabilities on the CDL concessions. In addition, no deferred cash payment was paid by Echo to CGC on the agreed early completion of the initial phase. This reduced Echo's near-term capital requirements by a further US$ 2.5 million. Residual well costs from the drilling campaign in the initial phase have been fully impaired in the current financial results. Echo withdrew from its interests and liabilities under the CDL concessions prior to the commencement of the second stage of works in accordance with the terms of the farm-out agreement thereby enabling Echo to focus its capital on Tapi Aike. In order to accelerate activities on higher margin exploration potential, Echo and CGC also agreed to revised equity and cost-sharing arrangements on the Tapi Aike licence. The prior arrangements saw Echo hold a 50 per cent. interest with an agreement to pay 65 per cent of drilling costs across the four well drilling campaign. Echo and CGC agreed an amendment to the terms of Echo's participation in the Tapi Aike licence such that Echo now holds a 19 per cent interest and pay 19 per cent of future costs, ending the previous carry arrangement and significantly lowering the Company's capital needs with regard to the drilling programme whilst maintaining a material stake in the licence. CGC also released US$ 2.06 million of Echo cash reserves previously required for the CDL Initial Phase which will be applied by Echo to fund future drilling in Tapi Aike. Tapi Aike Operations Tapi Aike remains one of the most exciting and underexplored licence blocks in the Austral Basin. The acreage has three previous wells that show indications of gas from drilling and logs, and historical 2D seismic and partial 3D seismic. The block also benefits from the identification of three highly prospective independent gas exploration plays and one oil play. In June Echo announced the safe and efficient completion of the new 3D seismic survey across its Tapi Aike licence and that processing of the acquired data had commenced. Acquired seismic data is now being processed by respected independent processing houses in Buenos Aires. The processing of the eastern cube (Chiripa Oeste, 414 km(2) ) data was carried out by Wellfield Services LTDA and completed post period. Interpretation of the processed seismic data has highlighted an amplitude feature previously recognised during the interpretation of the 2D seismic. The processing of the western cube (Travesia de Arriba, 790 km(2) ) data is being undertaken by Seismic Prospect S.R.L.. Analyses on these processed data is currently being conducted by a team of geophysical specialists on behalf of the operator, and, independently by Echo. In the eastern cube, Chiripa Oeste, five areas have now been selected for surface location permits and an environmental impact assessment covering these locations has been submitted to the provincial authorities. One of these five locations will be selected to drill the La Vanguardia x-1 well, the first well of the proposed Tapi Aike exploration drilling programme. It is currently anticipated that the La Vanguardia x-1 will be drilled to an approximate depth of 3,000 metres using the Petreven H-205 rig. Subsurface interpretation continues and the La Vanguardia x-1 well location and well design will be finalised once this analysis has been completed. The well currently remains on course to be spud in Q4 2019. In the western cube, Travesia de Arriba, processing of the 3D seismic data continues. Based on current data, five broad areas have been selected in which to initiate environmental studies and commence surface permitting. Bolivia Continuing with last year's efforts in Bolivia, the Company has been working to progress the exploration opportunity in Huayco and Rio Salado, both in a new joint evaluation agreement with Pluspetrol Bolivia Corporation SA ("Pluspetrol") and a Technical Evaluation Agreement with YPFB (Yacimientos Petrolíferos Fiscales Bolivianos) signed with Echo in October 2018. This agreement allowed the Company to purchase and integrate three new - recently acquired and not previously available - 2D lines across the licences into the model. This information has allowed the upgrade and completion of the geological and structural model which improves any business opportunity over these assets. The acquisition of an interest by Echo in Huayco and/or Rio Salado remains contingent on final commercial terms being agreed. Accordingly, the Company does not currently have an interest or the right to acquire any interest at this stage during the evaluation period. Echo continues to evaluate the best route to maximise shareholder value in relation to the Bolivian position. Financial The restructuring of the licence portfolio and early exit from the CDL producing assets meant that Echo only participated in production for the first four months of the period. The unwinding of the inventory position and removal of residual CDL assets from the balance sheet led to a total comprehensive loss for the period of US$ 7.7 million. -- Gross administration costs of US$ 2.4 million (30 June 2018: US$ 4.2 million) reflect management's drive to reduce overheads. A reduction in the non-cash cost of share options of US$ 0.6 million for the six months ended 30 June 2019, versus the same period last year, reflects staff departures and the fact that no new issues of options to staff in 2019. Third party costs are significantly down on the prior year. Net timewriting was reduced by US$0.3 million versus H1 2018. -- Oil revenue for the period was US$ 2.1 million with prices realised averaging US$ 52/bbl versus US$ 65.23 for H1 2018. -- Opex costs for the reporting period only included costs to Apri 2019. Opex costs were lower than equivalent costs for the prior period on a like for like basis largely driven by the devaluation of the Argentine Peso. On the other hand, the unwinding of the inventory position of US$ 0.7million was a cost driver in the period. -- Exploration expenses of US$ 0.3million included US$ 0.2 million of timewriting, largely for evaluation of possible acquisition targets. External consultant costs were lower than in 2018, however exploration expenditure with third parties is expected to increase in the second half of 2019 with increased evaluation activity following the receipt of the Tapi Aike processed data. -- Financial income is generated largely from treasury placings, the movement of the Euro denominated debt against the US Dollar and offset by devaluation of Argentine Peso tax balances. -- Finance costs are composed of an actual cash cost of US$ 1.0million with the amortisation of debt fees, the unwinding of the discount on the debt issue and the accretion of right of use assets bringing finance fees to a total of US$ 2.3 million. -- The impairment of the CDL assets including expenditure on the EMS-1001 fracking programme and other trailing well costs, in addition to a seismic prepayment of US$ 1.3 million which was foregone as part of the restructuring, resulted in an impairment charge in the period of US$ 2.8 million. With progress continuing apace on the Tapi Aike seismic interpretation programme, the value of intangible assets reflects expenditure on Tapi Aike seismic acquisition at the original carried cost of 65%. Having funded the full seismic programme in Tapi Aike, Echo retained a cash balance of US$ 4.1 million at the end of the period. Corporate Echo continued its evaluation of acquisition opportunities in line with its stated growth strategy as we look to expand our portfolio and build value accretive transactions for shareholders.
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