Echo Energy PLC Operational Update (0508V)
09 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 0508V
Echo Energy PLC
09 December 2021
9 December 2021
Echo Energy plc
("Echo" or the "Company")
Operational Update
Echo Energy, the Latin American focused energy company, is
pleased to provide an operational update regarding its Santa Cruz
Sur assets, onshore Argentina for Q4 2021 to 30 November 2021.
Daily operations across the asset base in Santa Cruz Sur and the
delivery of produced gas to industrial customers under contract
have continued uninterrupted during the first two months of Q4
2021. Production over the period from 1 January 2021 to 30 November
2021 reached an aggregate of 523,735 boe net to Echo, including
74,605 bbls of oil and condensate and 2,695 mmscf of gas.
As a result of the completion of capacity increasing
infrastructure works, gas production in November 2021 averaged 7.1
MMscf/d net to Echo, an increase over the 6.7 MMscf/d net
production rate during the previous month.
Net liquids production in the first two months of Q4 2021
averaged 255 bopd, and is an increase of 31% over Q1 2021 levels
prior to the commencement of production optimisation and the
bringing of shut in wells back on line. The benefit of both
infrastructure maintenance and the previously announced commercial
focus on high-quality blends at Santa Cruz Sur has also led to an
increased frequency of oil sales during Q4 2021 to date, with total
liquids sales net to Echo in quarter four to date of 16,855 bbls
(Q3 2021 total of: 15,050 bbls). This increase in liquids
production has helped to offset the expected natural decline in gas
production over the year.
The Company looks forward to updating shareholders on production
levels on a quarterly basis going forward.
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) +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.
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END
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