Echo Energy PLC Operational Update (9808N)
05 Octubre 2021 - 01:00AM
UK Regulatory
TIDMECHO
RNS Number : 9808N
Echo Energy PLC
05 October 2021
5 October 2021
Echo Energy plc
("Echo" or the "Company")
Operational Update
Maximising value from increases in liquids production
Echo Energy, the Latin American focused upstream oil and gas
company, is pleased to provide an operational update regarding its
Santa Cruz Sur assets, onshore Argentina for Q3 2021.
Operational Update
The Company is pleased to announce that further to the
announcement dated 26 August 2021, a further three wells from the
Campo Molino oilfield have been brought online. All the recently
reactivated wells are producing in-line with expectations. Maximum
daily reported production achieved after these wells have been
online has been around 350 bopd (net to Echo) This represents a
further 20% increase from production levels announced on 26
August.
In the month of September liquids production net to Echo
averaged approximately 290 bopd. This continues to represent an
almost 50% increase in the total daily liquid production rate at
Santa Cruz Sur when compared to the period immediately prior to the
restoration of production from the Campo Molino field just over a
month ago. Production levels from the seven reactivated wells
continue to indicate that the shut-in period has not had a
detrimental impact on reservoir behaviour in the Campo Molino oil
field, with those wells now being managed to deliver the same
average monthly rate as had been achieved prior to shut in in April
2020.
Liquids produced at Santa Cruz Sur can cater for a variety of
blend types, as and when required from customers. Given the
opportunity presented by improving markets, and increases in
realisable prices for higher quality products, the Company has
optimised its commercial position by focussing production and sales
on the highest quality blends, the prices of which have increased
more quickly than other blends.
As a result of the demand and increased realised prices of
higher quality blends, production from Santa Cruz Sur will, in the
short term, be managed to focus upon production to deliver the
highest quality and highest-priced blend which can be delivered
from existing producing wells.
Martin Hull, Chief Executive Officer of Echo Energy,
commented:
" Our pursuit of value for shareholders continues as we look at
ways of maximising the price of our sales. The work we have done in
recent months has borne fruit and we are now seeing materially
higher prices for our higher-quality blend. This, coupled with
increased production levels from the reactivated wells at Campo
Molino, means we are seeing stronger cashflows as we head towards
the end of the 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
Shore Capital (Corporate Broker)
Jerry Keen +44 (0) 20 7408 4090
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; bbl means
barrel.
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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