Echo Energy PLC Production Update (2259H)
05 Abril 2022 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 2259H
Echo Energy PLC
05 April 2022
5 April 2022
Echo Energy plc
("Echo" or the "Company")
Production 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 Q1 2022.
Production during the period from 1 January 2022 to 31 March
2022 has continued to remain strong and reached an aggregate of
134,167 boe net to Echo during the period, including 23,830 bbls of
oil and condensate and 662 MMscf of gas.
Net liquids production in Q1 2022 averaged 265 bopd, an increase
of 10% over Q4 2021 levels (240 bopd). Q1 2022 represents the
fourth quarter in row of liquid production increases with the
annual increase since Q1 2021 of 34%.
Net gas production averaged 7.4 MMscf/d over Q1 2022 an increase
compared with 7.0 MMscf/d achieved in Q4 2021.
Total net production averaged 1,491 boepd in Q1 2022,
representing a 6% increase over Q4 2021 production.
The Company continues its focus on maximising revenue from
production. Total liquids sales net to Echo over Q1 2022 increased
to 26,096 bbls (Q4 2021: 25,881 bbls). During the quarter, two new
customers signed agreements to purchase liquids from the Company,
providing further sales options and flexibility as the Company
seeks to increase competition and prices for its specific
products.
Gas production is currently sold under existing long term
contracts and pricing agreed in March 2021. As those contracts near
expiry, the Company is engaged in commercial discussions around
annual gas contracts for the period from May 2022 noting the marked
increase in global gas prices in recent months, combined with the
continued recovery in economic activity in Argentina.
The Company looks forward to continuing to update shareholders
on production levels on a quarterly basis.
Martin Hull, Chief Executive, commented:
"We are pleased with operational progress in the first quarter
of the year, with improvements in both liquids and gas output
during that period compared to the prior quarter. This reflects the
ongoing focus on making targeted investments, as cashflows allow,
to drive production performance and access the identified
production increase opportunities within the asset base. Coupled
with stronger prevailing commodity prices, Echo continues to build
firm operational and commercial foundations as it looks to grow the
business further in 2022."
For further information, please contact:
Echo Energy via Vigo Communications
Martin Hull, Chief Executive Officer
Vigo Consulting (IR & PR Advisor)
Patrick d'Ancona +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
Anita Ghanekar
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. boe means barrels of oil equivalent; bopd means
barrels of oil per day; boepd means barrels of oil equivalent per
day; bbls means barrels; MMscf/d means million standard cubic feet
of natural gas per day; MMscf means million standard cubic feet of
natural gas.
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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