Echo Energy PLC Operational Update re Enhancement Plan (5757T)
25 Julio 2022 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 5757T
Echo Energy PLC
25 July 2022
25 July 2022
Echo Energy plc
("Echo" or the "Company")
Operational Update on the Production and Infrastructure
Enhancement Plan
Echo Energy, the Latin American focused energy company, is
pleased to provide an operational update regarding progress in the
execution of the Santa Cruz Sur assets Production and
Infrastructure Enhancement Plan previously announced by the Company
on 7 July 2022 (the "Plan").
As previously announced, the first operational priority under
the Plan is to upgrade the power generation capacity sufficient to
sustain the elevated production levels anticipated as possible
under the plan, the Company is therefore pleased to announce that a
contract for the long-term provision of gas-powered electricity
generation units to the Joint Venture for installation across the
Cerro Molino Oeste, El Indio Oeste and Oceano fields has now been
signed.
Accordingly, equipment has now been mobilised to the field in
Santa Cruz Sur and installation is anticipated to take a month from
commencement. The new generation infrastructure consists of one
unit of 1,375 Kilo Volt Amps (KVA) capacity for the Cerro Molino
Oeste field, one unit of 375 KVA capacity for the El Indio Oeste
field, and one unit of 375 KVA capacity to be installed in the
Oceano field. The on-site installation and commission of all three
units will begin during the week commencing 25 July 2022,
notwithstanding the winter conditions currently being experienced
at Santa Cruz Sur. The work will be undertaken by Santa Cruz Sur
Joint Venture staff.
El Indio Oeste will be installed first, followed by Oceano and
then Cerro Molino Oeste. These works will be carried out with the
intention of minimising any disruption to existing gas and oil
production, although some temporary impact is expected. Following
these units' installation, additional power will be available to
support existing and future production levels. Although there may
be some increase to current production, these infrastructure
upgrades are in preparation for the recommissioning of shut-in
wells using the Joint Venture rig. Work has also commenced on
upgrading this pulling rig in anticipation of this upcoming set of
operations.
The installation of the additional power generation capacity,
alongside the upgrading of the workover rig, represents a critical
step in the delivery of the Plan. The Company looks forward to
continuing to update shareholders on progress on these plans
throughout this year.
A second set of planned infrastructure improvements will be
focused on the maintenance and optimisation of the compressors at
Cerro Norte and Campo Bremen to enable the increased volumes of
associated gas to be processed and then sold into the main gas
export line. This operation is anticipated to take approximately
three months from commencement and will be carried out with the
intention of minimising any disruption to existing gas production,
although some temporary impact is expected.
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
Arden Partners plc (Corporate Broker)
Simon Johnson (Corporate Broking)
John Llewellyn-Lloyd (Corporate Finance) +44 (0) 20 74614 5900
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. The information contained in this announcement has
been reviewed by Echo Energy's Vice President, Exploration, Dr.
Julian Bessa Msc, DPhil, MBA ,a Fellow of the Geological Society
and President of the Petroleum Exploration Society of Great
Britain.
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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