Echo Energy PLC Q3 2022 Production and Operational Update (4069C)
11 Octubre 2022 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 4069C
Echo Energy PLC
11 October 2022
11 October 2022
Echo Energy plc
("Echo" or the "Company")
Q3 2022 Production and Operational Update
Echo Energy, the Latin American focused energy company, is
pleased to provide a production update regarding its Santa Cruz Sur
assets, onshore Argentina, for Q3 2022.
As previously announced, the Company has made significant
progress during the quarter on the Production and Infrastructure
Enhancement Plan priorities. The first operational priority under
the Plan has been successfully achieved with all three power
generation units fully operational. Work on the second operational
milestone has commenced with maintenance and optimisation of the
existing compressors. The third operational priority, upgrading the
Eagle workover rig which will be used for the well opening
campaign, also began during the quarter.
Q3 2022 Production Update
Production over the period from 1 January 2022 to 30 September
2022 has reached an aggregate of 392,253 boe net to Echo during the
period, including 74,127 bbls of oil and condensate and 1,909 MMscf
of gas.
Notwithstanding production disruption resulting from certain
facilities being unavailable as upgrades to infrastructure have
been made, net production in Q3 increased from Q2 levels.
Net liquids production in Q3 2022 averaged 276 bopd, (Q2 2022:
272 bopd) and represents the eighth consecutive quarter of liquid
production growth.
Net gas production averaged 6.9 MMscf/d during Q3 2022, up on Q2
2022 (6.8 MMscf/d). Q3 2022 production was directly impacted as a
result of the Oceano field production being brought temporarily
offline due to additional infrastructure upgrades focused on
increasing the amount of available sales gas, including the
reconfiguration of the compressor to utilise electricity from the
newly installed generator rather than gas. Additionally, production
across other fields was impacted during the installation and
commissioning of the new generators which as previously announced
has now been successfully completed.
The ability of the various measures already undertaken to
improve infrastructure is evident in increased production capacity.
In the twelve-day period following completion of the works
described above, net gas production averaged 7.9 MMscf/d and net
liquids production averaged 320 bopd, equating to an average net
1,638 boepd over that same period. This represents a significant
increase over the average production levels of 1,398 boepd for Q2
2022 immediately prior to the announcement of the Production and
Infrastructure Enhancement Plan. It remains the Company's
expectation that production will increase materially as shut in
wells are reopened with the workover rig now being upgraded.
The Company looks forward to continuing to update shareholders
on production levels on a quarterly basis.
For further information, please contact:
Echo Energy via Vigo Communications
Martin Hull, Chief Executive Officer
Vigo Consulting (IR & PR Advisor)
Patrick d'Ancona
Finlay Thomson +44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
Ben Jeynes
Katy Birkin +44 (0) 20 7397 8900
Arden Partners plc (Corporate Broker) +44 (0) 20 74614 5900
Simon Johnson (Corporate Broking)
John Llewellyn-Lloyd (Corporate Finance)
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. bopd means barrels of oil per day; boepd means barrels
of oil equivalent per day; bbl means barrel; MMscf means million
standard cubic feet of natural gas; and MMscf/d means million
standard cubic feet of natural gas per day. 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 a Member 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.
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
UPDDZMMGRGLGZZM
(END) Dow Jones Newswires
October 11, 2022 02:00 ET (06:00 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