Echo Energy PLC Operations Update: Production Enhancement Plan (7155A)
27 Septiembre 2022 - 1:01AM
UK Regulatory
TIDMECHO
RNS Number : 7155A
Echo Energy PLC
27 September 2022
27 September 2022
Echo Energy plc
("Echo" or the "Company")
Operations Update: Production and Infrastructure Enhancement
Plan
Echo Energy, the Latin American focused energy company, is
pleased to provide an operational update regarding further 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").
The first operational priority under the Plan has now been
successfully completed with all three power generation units now
successfully commissioned and fully operational in the Cerro Molino
Oeste, El Indio Oeste and Oceano fields, providing additional power
to support existing and future production levels from, inter alia,
the recommissioning of shut-in wells using the existing Santa Cruz
Sur joint venture rig.
Upgrades to the workover rig owned by the Santa Cruz Joint
Venture are underway. The timing of key upgrade activities are
being scheduled and are dependent upon the availability of
materials and third party services . These activities include an
overhaul of the hydraulic system and the blowout preventer (BOP)
stack.
The second operational priority under the plan is focussed on
the maintenance and optimisation of the existing compressors at
Cerro Norte and Campo Bremen to enable future increased volumes of
gas to be processed and then sold into the main gas export line.
Initial maintenance work has now commenced, and the full set of
operations to optimise the compressors is anticipated to take
approximately three months, based on the current parts and
materials availability. These operations will be carried out with
the intention of minimising disruption to existing gas production,
although some impact is to be expected.
In addition to the stated objectives of the Plan, further
infrastructure upgrades have been carried out in the Oceano field
with the intention of increasing the amount of available sales gas.
Work to convert the Oceano compressor from gas power to electrical
power has now been successfully completed during a 12 day period
during which, as a result of these operations requiring the Oceano
field to be shut-in, total net-gas production was temporarily
reduced by approximately 2 MMscf/d and net liquids production was
reduced by approximately 20 bopd over the 12 day period.
The Company looks forward to continuing to update shareholders
on further operational progress.
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.
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.
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
UPDUNORRUKUKUUR
(END) Dow Jones Newswires
September 27, 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