Echo Energy PLC Progress Update (2963X)
26 Agosto 2022 - 01:00AM
UK Regulatory
TIDMECHO
RNS Number : 2963X
Echo Energy PLC
26 August 2022
26 August 2022
Echo Energy plc
("Echo" or the "Company")
Progress Update: Production and Infrastructure Enhancement
Plan
Echo Energy, the Latin American focused energy company, is
pleased to provide a further update regarding progress in the
execution of the Santa Cruz Sur assets' Production and
Infrastructure Enhancement Plan originally announced on 7 July 2022
(the "Plan").
The first operational priority under the Plan was to upgrade the
power generation capacity sufficient to sustain and contribute to
the anticipated elevated production levels. The Company is pleased
to announce that following mobilisation, all three additional power
generation units have now been successfully installed on schedule
in the respective fields.
The power generation unit installed in the larger Cerro Molino
Oeste field (1,375 Kilo Volt Amps (KVA) capacity) has also been
successfully commissioned and is available to support existing and
future production levels. Work continues by the Santa Cruz Joint
Venture staff to plan on commissioning of the remaining two
installed units in the El Indio Oeste field and Oceano fields (both
375 KVA capacity).
Upgrades to the workover rig owned by the Santa Cruz Joint
Venture are also being scheduled and include an overhaul of the
hydraulic system and the blowout preventer (BOP) stack.
The successful installation of the additional power generation
capacity and the planned upgrades to the workover rig represent
critical steps in the delivery of the Plan. The Company looks
forward to continuing to update shareholders on progress on the
Plan throughout this year.
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.
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END
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