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
  0.00 0.0% 0.74 0.00 07:30:17
Bid Price Offer Price High Price Low Price Open Price
0.70 0.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 11.13 -15.27 -1.99 10
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.74 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 0.74p.
Echo Energy Plc has a 4 week average price of 0.57p and a 12 week average price of 0.57p.
The 1 year high share price is 1.88p while the 1 year low share price is currently 0.32p.
There are currently 1,298,813,085 shares in issue and the average daily traded volume is 13,595,735 shares. The market capitalisation of Echo Energy Plc is £9,611,216.83.
helpfull: Tick Tock! Into the second half of the year. How much cash has been burned? For how little progress? How low can the share price go? Two cash raises in December 2020. Were they at 0.3p and 0.51p? Those shares can be sold at profit, still. And what about that option in the debt agreement? Something to do with converting interest payments into shares at prevailing prices less 10%. If the share price halves does that mean double the amount of shares for your money? Uhhm! Does that start in September? Time for the good captain to delve into the Thesaurus and post some "optimistic" words. Be careful.
stephen uptrend: Fantastic rns today Shorters are toast !!!! 19 April 2021 Echo Energy plc ("Echo" or the "Company") Operational and Commercial Update - Q1 2021 Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational and commercial update regarding its Santa Cruz Sur assets, onshore Argentina, for the quarterly period ended 31 March 2021. Operational Update Daily operations in the field at Santa Cruz Sur continue with the delivery of produced gas to customers as expected and without interruption. Production over the period from 1 January 2021 to 31 March 2021 reached an aggregate of 152,673 boe net to Echo, which included 17,814 bbls of oil and condensate and 809 mmscf of gas. 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. The Company is pleased to confirm that the materials required for the infrastructure upgrades of 23 km of pipeline, announced on 24 February 2021, are now being fabricated by the supplier in Buenos Aires following contract execution and the installation schedule remains in line with that announcement. Commercial Update Domestic energy demand in Argentina has continued to improve through 2021 to date and the Company has recently sold a significant domestic cargo of 8,812 bbls of oil net to Echo, at the Punta Loyola terminal, with a price linked to the Brent benchmark subject to typical local discount. Following this sale, net oil stock at the Punta Loyola terminal (excluding inventory in field tanks) is currently 4,237 bbls. Following the Company's announcement of 24 March 2021, relating to new gas sales contracts for 2021-2022, the Company has now agreed summer and winter pricing for its annual industrial clients, with the contracted winter premium providing substantially increased cashflow in the near term for future operations and production enhancement work programmes. For the committed production over the key southern winter period (May to September), the Company will sell natural gas at an average price of $3.52 per mmbtu, which compares to $1.35 per mmbtu for industrial clients the previous year. Martin Hull, Chief Executive Officer of Echo Energy, commented: "Advancing into 2021, Echo has been set on optimising its existing production portfolio and low-risk development upside across the Santa Cruz Sur asset base. The benefits of these earlier efforts are now being seen. Additionally, I am pleased to report that Echo continues to benefit from increasingly strong local energy demand and pricing, which has led us to obtaining premium seasonal pricing to current prevailing spot market prices, and more than double the price of the previous winter period. Against this improving domestic energy price backdrop, we have also executed a significant domestic oil cargo sale which marks an important milestone linked to the improved economic outlook. Furthermore, we are pleased with the progress we are making on our production optimisation activities across Santa Cruz Sur. Liquids production has recently increased in advance of the upgrades to the 23 km pipeline infrastructure which are progressing at pace. These upgrades will not only unlock previously shut-in liquids production but will also provide additional capacity with which to open up future incremental enhancement projects that have already been identified."
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.
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."
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