Echo Energy PLC Operations Update: Production Enhancement Plan (9021F)
10 Noviembre 2022 - 01:00AM
UK Regulatory
TIDMECHO
RNS Number : 9021F
Echo Energy PLC
10 November 2022
10 November 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 first announced by the Company on 7
July 2022 (the "Enhancement Plan").
Upgrades to the workover rig owned by the Santa Cruz joint
venture partners have now been successfully completed.
As previously announced, the Enhancement Plan is targeting a
total of approximately 30 or more wells with interventions to
commence on mobilisation of the workover rig to the field. The
scheduling of activities, on a well-by-well basis, remains
dependent on the availability of materials required for individual
well interventions and operational activities, including the timing
of the future mobilisation of the now upgraded workover rig, will
also be optimised from cash flow at the asset level in order to
maximise the benefit of funds available.
Detailed scheduling and optimisation of the well re-opening
programme under the Enhancement Plan has been undertaken and three
additional oil wells have been identified which do not require the
mobilisation of the workover rig. These wells have been offline for
four years due to surface constraints. However, recently completed
infrastructure upgrades have now removed these constraints and
enable these wells to now be reactivated with the objective of
bringing them back into production.
These three additional wells will be prioritised by the Santa
Cruz Sur partners in seeking to further increase liquids production
from the Chorillos field. This three well programme has now
commenced and operations are expected to take around three
weeks.
Following the previously announced successful completion of the
first phase of the Enhancement plan focused on the power generation
facilities, the already commenced programme to upgrade compressor
capacity across the Santa Cruz Sur assets remains ongoing. Efforts
continue to optimise the balance between maximising production and
cashflow, minimising disruption and shortening the time required to
complete the upgrades.
Production at Santa Cruz Sur in the first month of Q4 2022 has
been strong with average daily production in October of 1,610 boe,
net to Echo's 70% interest. This represents the highest monthly
average production achieved in 2022 and a 13% increase over the
monthly average during Q3 2022.
These increased production levels demonstrate the positive
impact of the successful implementation of the initial phases of
the Enhancement Plan.
Corresponding net gas production for October was 7.7 MMscf/d
with liquids production of 325 bopd. This represents the highest
monthly average achieved for liquids in 2022, and a 27% increase
over the levels achieved in January 2022, as the Company has
prioritised liquids production given current commodity markets.
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
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)
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.
bopd means barrels of oil per day; boe means barrels of oil
equivalent; MMscf means million standard cubic feet of natural gas;
and MMscf/d means million standard cubic feet of natural gas per
day.
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
UPDBKCBQFBDDBDK
(END) Dow Jones Newswires
November 10, 2022 02:00 ET (07:00 GMT)
Echo Energy (LSE:ECHO)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Echo Energy (LSE:ECHO)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024