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
  -0.035 -5.04% 0.66 20,002,726 16:24:44
Bid Price Offer Price High Price Low Price Open Price
0.65 0.67 0.695 0.645 0.695
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 2.59 -10.03 -2.61 8
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:42 O 2,000,000 0.67 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 0.70p.
Echo Energy Plc has a 4 week average price of 0.51p and a 12 week average price of 0.32p.
The 1 year high share price is 2.45p while the 1 year low share price is currently 0.28p.
There are currently 1,207,894,058 shares in issue and the average daily traded volume is 69,827,285 shares. The market capitalisation of Echo Energy Plc is £7,972,100.78.
helpfull: Sebastian Marr buys 4.96% in Echo Energy. Reminds me of the time he bought a stake in Nuog: And sold a stake in Nuog: A long term holder. The sharp eyed will see the shares stuck to his fingers for three days. If he bought his stake in Echo Energy in the most recent placing he would have paid 0.51p per share. There is, of course, a connection between Echo and Nuog. The debt in Nuog is controlled by C4 Energy. And two shareholders of C4 Energy were brought in to manage the company, Mr Jay Bhattacherjee and Mr Andrew Dennan. Nuog is currently suspended. Echo Energy board members, James Parsons and Marco Fumagalli, are directors of C4 Energy. Cosy. Are Novum Securities Limited involved with Echo and Nuog too? Andrew Dennan and James Parsons are running Ascent Resources together as well. Did Sebastian but a stake at Ascent? A close knit community. Are Novum Securities involved at Ascent?
coldspring: Ok so oil price is up which we produce and there has been good news about a gas contract but the share price drops......facepalm
helpfull: Ugh! That's not nice. Those gas prices in the RNS today are worrying. " $2.00 per mmbtu representing a significant 28% premium to the prevailing local spot price in the fourth quarter of 2020" . Compare that to 17th Dec commercial update : " $2.00 per mmbtu representing a significant 26% premium to the prevailing local spot price in November 2020". Compare to 29th June commercial update : " current spot market of approximately US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020" . How low did gas prices go? How low are they now? Revenues are being hit on gas sales. In June 2020 "a contracted gas sales price of US$4.37 per mmbtu" was in play. The half year report reported "average gas prices for the period to 30 June 2020 ranged from US$2.10-US$2.77/mmbtu". Today's RNS shows contracted prices achieved are far below spot prices of this time last year. And spot prices are even lower. Cash is being burned and on 11th January 2021 will there be another 167,000,000 shares coming along for the mug punter to mop up? Be careful.
helpfull: In the context of the share price, it has fallen from 2.5p to 0.5p in the past year. Hardly ahead. Production has slumped and price received per barrel of oil has fallen off a cliff. Debt has increased due to inability to make interest payments. On the bright side the number of shares in issue is ahead by 500,000,000 or so.
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.
myn0k: I got a few mug punts in on this (no risk) while the share price is so low. If financials come back and look positive then all good and we should see some uplifts. I am lucky I only came in on this during the sub 0.4p price.
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: 05/02/2020 7:00am UK Regulatory (RNS & others) Echo Energy (LSE:ECHO) Intraday Stock Chart Today : Wednesday 5 February 2020 TIDMECHO RNS Number : 9791B Echo Energy PLC 05 February 2020 5 February 2020 Echo Energy plc ("Echo" or "the Company") Argentina: Production Update Echo Energy, the Latin American focused upstream oil and gas company, provides an update on production from the Company's recently acquired 70% non-operated working interest in the Santa Cruz Sur assets, onshore Argentina. Average net daily production (net to Echo's 70% interest) from Santa Cruz Sur for the period from 1 November 2019, the effective date of the acquisition, to 31 January 2020 was 2,481 boepd (including 560 bbls of oil and condensate per day, and 11.5 mmscf of gas per day). Total production from Santa Cruz Sur in the period from 1 November 2019 to 31 January 2020 net to Echo was 228,249 boe (including 51,561 bbls of oil and condensate and 1,060 mmscf of gas). During the period an aggregate of 165 net mmscf of gas produced at the wellhead was utilised in the field for fuel and power. Between 1 November 2019 and 31 January 2020 there were a total of four cargo liftings of oil and condensate, of an aggregate of 27,082 bbls net to Echo, with an average sales price (including where applicable VAT recovery) of US$ 52.1 per barrel of oil equivalent. In addition, a fifth cargo of oil and condensate, in excess of 15,000 bbls of oil equivalent net to Echo is currently in the process of being loaded at port and is expected to be completed in the coming days. Delivery of produced gas to customers has continued without interruption, at an average realised price, reflective of the current season (including where applicable VAT recovery), of US$ 2.21 per mmbtu (prices ranging from US$ 1.6 to US$ 4.5 per mmbtu during the period). As is typical of the Argentina gas market current summer gas prices are at a discount to annual averages. The Company expects to achieve higher realised prices in winter months. The Company looks forward to updating shareholders on testing operations at the Campo Limite (CLix-1001) well at Santa Cruz Sur, which are expected to commence in the second half of February 2020, and on the results of the Campo La Mata x-1 well (CLM x-1) at Tapi Aike in due course.
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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