Echo Energy PLC Argentina Operational Update (1596N)
30 Mayo 2022 - 1:01AM
UK Regulatory
TIDMECHO
RNS Number : 1596N
Echo Energy PLC
30 May 2022
30 May 2022
Echo Energy plc
("Echo" or "the Company")
Argentina Operational Update
Echo Energy, the Latin American focused upstream energy company,
is pleased to provide a operational update regarding the Company's
producing Santa Cruz Sur assets, onshore Argentina.
The Company confirms that daily gas production has materially
increased in the Oceano field, following a successful facilities
maintenance and upgrading programme focussed on improvements in
efficiency, reliability and load capacity of the gas facilities at
Oceano, which delivers gas to residential suppliers. As part of the
Company's plan to increase production, the Oceano field was
temporarily shut-in in April 2022 to allow for maintenance and
upgrades to the compressor and associated infrastructure.
In Q1 2022, the Oceano field produced an average of 1.72 MMscf/d
of gas (net to Echo) and is now producing at an average rate of
2.63 MMscf/d of gas (net to Echo) over the 12 days following the
maintenance and upgrades. This represents an increase of 53% in
daily gas production at the Oceano field and markedly exceeds the
Company's expectations prior to the operations being
undertaken.
Following post-maintenance commissioning, total average daily
gas production (net to Echo) across the Santa Cruz Sur assets, for
the 12 days prior to 21 May 2022, increased to 8.4 MMscf/d being a
14% increase over the average daily gas production levels achieved
in Q1 2022.
As previously announced, the Company has identified an extensive
programme of production enhancement opportunities across its
portfolio of assets at Santa Cruz Sur, including infrastructure and
facility improvements, well interventions and well workovers.
Martin Hull, Chief Executive Officer of Echo Energy,
commented:
"The increase in production from the Oceano field is clearly
encouraging and is a further demonstration of the significant
potential that we believe exists within the Company's Santa Cruz
Sur assets. We continue our focus, as cashflow allows, on making
targeted and cost effective investments to drive production
performance and improving revenues in an environment of sustained
elevated commodity prices. We remain committed to building value
for our shareholders and look forward to reporting further
progress"
For further information, please contact:
Echo Energy via Vigo Communications
Martin Hull, Chief Executive Officer
Vigo Communications (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)
Anita Ghanekar +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. MMscf/d means million standard cubic feet of gas per
day.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the UK version
of the EU Market Abuse Regulation (596/2014) which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018, as
amended and supplemented from time to time. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDLKLFLLELFBBK
(END) Dow Jones Newswires
May 30, 2022 02:01 ET (06:01 GMT)
Echo Energy (LSE:ECHO)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Echo Energy (LSE:ECHO)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024