Echo Energy PLC Q4 2022 Production Update & Directorate Change (6032M)
13 Enero 2023 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 6032M
Echo Energy PLC
13 January 2023
13 January 2023
Echo Energy plc
("Echo" or the "Company")
Q4 2022 Production Update & Directorate Change
Echo Energy, the Latin American focused energy company, is
pleased to provide an operational update regarding its Santa Cruz
Sur assets, onshore Argentina, for the quarter ended 31 December
2022 ("Q4 2022").
Operational Update
During Q4 2022, daily operations in the field at Santa Cruz Sur
continued to deliver produced gas and liquids to key industrial
customers and total 2022 cumulative production from Santa Cruz Sur,
net to Echo's 70% interest, reached an aggregate of 532,302 boe
(including 101,574 bbls of oil and condensate and 2,584 MMscf of
gas).
During Q4 2022, net liquids production averaged 298 boepd whilst
net gas production averaged 7.3 MMscf/d. Net daily production
averaged 1,522 boepd during the quarter. The combined Q4 2022 oil
and gas production levels were the highest quarterly levels
achieved in 2022 and reflect the measures undertaken under the
Company's Production and Infrastructure Enhancement Plan (the
"Plan") to improve infrastructure. Liquids production during Q4
2022 was the ninth continuous quarter of production growth, and a
12% production increase over Q1 2022. Average liquids production
over the course of 2022 was 278 bbls per day, 25% higher than that
in the previous year.
Quarter Aggregate Average Aggregate Average Aggregate Average
Net Production Net Production Net Liquids Net Liquids Net Gas Net Gas
(boe) rate (boe/d) Production Production Production Production
(bbls) rate (MMscf) (MMscf/d)
(bbls/d)
Q1 2022 134,167 1,491 23,830 265 662 7.4
---------------- ---------------- ------------- ------------- ------------ ------------
Q2 2022 127,123 1,397 24,770 272 618 6.8
---------------- ---------------- ------------- ------------- ------------ ------------
Q3 2022 130,963 1,424 25,527 276 629 6.9
---------------- ---------------- ------------- ------------- ------------ ------------
Q4 2022 149,049 1,522 27,447 298 675 7.3
---------------- ---------------- ------------- ------------- ------------ ------------
2022 532,302 1,458 101,574 278 2,584 7.1
---------------- ---------------- ------------- ------------- ------------ ------------
As previously announced on 10 November 2002, the scheduling of
activities under the Plan is currently being optimised from cash
flow at the asset level in order to maximise the benefit of funds
available. Given the success of the Plan to date, the Company is
also looking at options to increase working capital availability
which can be used for the benefit of accelerating production
increases in early 2023 under the Plan. These production increases
target the reactivation of a total of approximately 30 or more
wells in Santa Cruz Sur which, when combined with the
infrastructure upgrades under the Plan, could result in further
increases to net production.
The Company looks forward to updating shareholders on further
progress on production growth under the Plan.
Martin Hull, Chief Executive Officer of Echo Energy,
commented:
"I am pleased to report that we continue to make progress with
our Plan. This is a strong set of quarterly production results,
with liquids production showing a ninth continuous quarterly
increase. This production growth is a direct result of the
infrastructure investments that we made under the Plan during 2022.
We remain committed to delivering on our strategy to grow
production and are looking at working capital options that can
build on the initial success of the programme and accelerate
production growth from Santa Cruz Sur. I look forward to reporting
further progress that will deliver value to our shareholders."
Directorate Change
The Company also announces that further to the announcement on
13 October 2022, the Company confirms that Marco Fumagalli has
stepped down as a Director of the Company with immediate
effect.
James Parsons, Echo's Chairman, said:
"We would like to reiterate our thanks to Marco for his
contribution over the last few years and wish him well with his
future plans. "
For further information, please contact:
Echo Energy via Vigo Consulting
Martin Hull, Chief Executive Officer
Vigo Consulting (IR/PR Advisor)
Patrick d'Ancona
Finlay Thomson
Kendall Hill +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 7614 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. Boe or bbls means barrels of oil equivalent; bbl/d
means barrels of oil per day; boepd means barrels of oil equivalent
per day; MMscf mean million standard cubic feet of gas; MMscf/d
means million standard cubic feet of 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.
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END
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