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Alan Green talks AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV on Vox Markets podcast

Alan Green discusses AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV with Justin Waite on the Vox Markets podcast

Echo Energy #ECHO – Operational Update – Q2 Update 2021

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 Q2 2021 until 14 June 2021. 

Operational Update 

The Company is pleased to confirm that following fabrication, installation of the pipeline infrastructure required to bring back online the liquids production previously shut in April 2020 is now complete. The schedule has been delivered in line with the timeline anticipated in the Company’s announcement of 24th February 2021.

It is expected that the first tranche of production to be brought back online will be from ten wells in the Campo Molino and Chorillos oils fields. This work to bring the initial production back online is expected to take around 15 days. When these wells were last online, the combined gross production was approximately 138 bopd gross, 96 bopd net to Echo.

This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18. Subsequent tranches of production when brought back online should increase this active oil well stock to around 35. The programme of work to bring online the subsequent tranches of wells will be optimised both to maximise cost efficiencies and accelerate production increases.

Increasing liquids production represents delivery upon the Company’s strategy to leverage the marked upswing in global commodity prices. It is expected that the additional liquids production will contribute to a material cashflow increase.  

The Company is additionally pleased to confirm that since 1 May 2021 gas production has been sold under the previously announced new gas sales agreements, with the significantly increased winter pricing. Gas volumes not sold under long term contracts are sold to the spot market.

In May 2021, the company sold a total of 18 MMscf to the spot market at an average price of $US 5 per mmbtu representing a 151% in prices compared to the March 2021 average spot price.

Daily operations in the field at Santa Cruz Sur continue with the delivery of produced gas to customers as expected. Production over the period from 1 January 2021 to 14 June 2021 reached an aggregate of 278,600 boe net to Echo, which included 33,910 bbls of oil and condensate and 1470 mmscf of gas.

Martin Hull, Chief Executive Officer of Echo Energy, commented: 

“As we have moved into mid 2021, Echo has continued to deliver on its promises, with the pipeline infrastructure delivered to  schedule. We are now moving into a phase of increasing liquids production enabling Echo to benefit from the upswing in global oil prices and the improved macro-outlook as demonstrated by our increased frequency of oil sales. Against this global backdrop, domestic spot market gas prices have also risen markedly, and we have  been able to take advantage of this improving domestic situation. With improved economic tailwinds and new infrastructure installed in the field, we will have additional capacity to commission incremental enhancement projects within the portfolio. The increasing cashflows are expected to enable further production investments to be funded from operations. These preparations to take advantage of identified material organic growth options demonstrate Echo’s commitment to and confidence in its growth strategy in the Santa Cruz Sur assets . Our clear focus remains on creating value for our shareholders and we continue to progress opportunities to do that across the portfolio connected by our enhanced infrastructure.”  

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Communications (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. boe 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.

Echo Energy #ECHO – Result of Annual General Meeting

Echo Energy, the Latin American focused full cycle energy company, advises that it held its Annual General Meeting (AGM) earlier.

The resolutions were voted on by way of a poll. Resolutions 1 to 5 were duly passed whilst resolution 6 did not meet the requisite 75% voting threshold for that special resolution to pass.

The proxy votes cast prior to the AGM were as follows:

Resolutions

For

%

Against

%

Withheld

1

140,309,493

 

99.87

 

186,808

0.13

0

2

137,434,846

97.82

3,061,455

2.18

0

 

3

137,088,704

97.60

3,368,783

2.40

38,814

4

80,078,956

57.01

60,388,574

42.99

28,771

5

136,502,821

97.20

3,925,895

2.80

67,585

6

78,704,196

56.05

61,724,520

43.95

67,585

 A “Vote withheld” is not a vote in law and is not counted in the calculation of the percentage of shares voted “For” or “Against” any resolution

For further information please contact:

 

Echo Energy plc

Martin Hull, Chief Executive Officer

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230

Shore Capital ( Corporate Broker)

Jerry Keen

 

 

Tel: 44 (0)20 7408 4090

Echo Energy PLC (ECHO) – Further re Issue of Warrants

Echo Energy, the Latin American-focused full cycle energy company, announced on 22 December 2020 that, in connection with a subscription and warrant issue then announced, the issue of 83,921,568 warrants to subscribe for new ordinary shares in the Company would be subject to receipt of share issuance authorities.

As a result of the Company having sufficient share issuance authorities to allow the issue of the Warrants ahead of the Company’s 2021 annual general meeting, the Board has now issued the Warrants. The Warrants expire two years after the date of issue, with 50% of the Warrants exerciseable at 0.7 pence per new ordinary share and 50% of the Warrants exerciseable at 0.75 pence per new ordinary share.

For further information, please contact:

Echo Energy

Martin Hull, Chief Executive Officer

via Vigo Communications

Vigo Communications (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

Echo Energy Plc #ECHO – Argentina: VAT Update

Argentina: VAT Update

Echo Energy, the Latin American focussed energy company, is pleased to provide an update on the  Argentine value added tax (“VAT) reclaim process, and the successful monetisation of a further proportion of the Argentine VAT owed to the Company.

Disbursements totalling Ars$ 48.4 million (approximately US$ 0.5 million), consisting of Ars$ 33.1 million plus interest of Ars$ 15.3 million of PP&E VAT owed to Eco Energy TA Op Limited (the “Subsidiary”), the Company’s subsidiary which holds a 25% interest in the Santa Cruz Sur assets (of Echo’s total 70% interest), have now been received. This cash payment demonstrates the continuing successful processing of VAT refunds owed to the Company by the Argentine authority, AFIP, as it resumes normal activity following months of COVID – 19 related shut down.

Following these most recent disbursements, historical reclaims regarding VAT owed to the Echo group  related to operations at Santa Cruz Sur totalling approximately US$0.7 million remain in progress.

The Company is also pleased to announce that the 2020 PP&E VAT claim of Ars$ 54.8 million (approximately US$ 0.6 million) for Eco Energy TA Op Limited has been accepted by the Argentine VAT office.  The Company’s subsidiary, Eco Energy CDL Op Ltd, which holds Echo’s remaining 45% interest in Santa Cruz Sur, has also had its 2020 PP&E VAT claim of Ars$ 8.1 million approved. Further processing of these claims will now take place ahead of future expected reimbursement.

The Argentine VAT office has also separately now approved the Free VAT application Eco Energy CDL Op Ltd of Ars$ 9.5 million and Echo have completed a sale of this VAT credit in exchange for cash.

The unlocking of the Argentine VAT refund process is, and is expected to continue, to provide material cash funds in the coming months and provides further evidence of the normalisation of in country activities following delays in 2020 caused by COVID 19 restrictions.

For further information, please contact:

Echo Energy

Martin Hull, Chief Executive Officer

via Vigo Communications

Vigo Communications (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

Echo Energy #ECHO – Director/PDMR Shareholding

Echo Energy, the Latin American-focused full cycle energy company, announces that on 18 May 2021 it was notified that Nusakan plc (“Nusakan”) had on that same day, as part of a broader realisation of that investment vehicle, distributed the entirety of its 3.1% shareholding in Echo, being 40,118,865 ordinary shares in the Company (“Ordinary Shares”), directly to Nusakan’s own shareholders for no consideration (the “Nusakan Distribution”). Marco Fumagalli, a Non-Executive Director of the Company, is a 25% shareholder of Nusakan.

Marco Fumagalli’s beneficial interest in the Company is unchanged as a result of the Nusakan Distribution, with Mr. Fumagalli now holding a direct interest in 10,029,716 Ordinary Shares, representing approximately 0.77% of the Company’s issued ordinary share capital, in his own name.

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.

For further information, please contact:

Echo Energy

Martin Hull, Chief Executive Officer

via Vigo Communications

Vigo Communications (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

Link here to view the TR1

Echo Energy #ECHO – Publication of Annual Report and Notice of Annual General Meeting

Echo Energy plc, the Latin American focused upstream oil and gas company, announces that its Annual Report and Accounts for the year ended 31 December 2020 together with a notice convening the Company’s Annual General Meeting (“AGM”) has today been published.   

The AGM is to be held on Wednesday 16 June 2021 at 12 noon  at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT. 

As a result of current UK Government COVID-19 restrictions, which includes banning gatherings of more than six people, the Company’s AGM will not be held in its usual format. The Company has arranged, in line with current COVID-19 restrictions, for the AGM to be held with only directors and  such number of shareholders in attendance as is required to ensure that the AGM is quorate. As a result shareholders are advised not to attend, and should shareholders do so it is likely that they will be not be permitted entry.

The Company plans to hold an online investor event ahead of the AGM to enable shareholders to ask any questions they may have. Details of the event will be provided nearer the time.  

Copies of the Annual Report and Accounts and notice of AGM are available on the Company’s website at  www.echoenergyplc.com .  

For further information please contact:

 

Echo Energy plc

Martin Hull, Chief Executive Officer

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230

Shore Capital ( Corporate Broker)

Jerry Keen

 

 

Tel: 44 (0)20 7408 4090

Alan Green discusses Echo Energy #ECHO in Part 1 of his weekly Stockbox Media Research talk

Alan Green discusses Echo Energy #ECHO in Part 1 of his weekly Stockbox Media Research talk

Echo Energy plc (ECHO) – Final results

Final Results

Echo Energy plc, the Latin American focused full cycle energy Company, is pleased to announce its audited results for the financial year ended 31 December 2020.

2020 Highlights:

  • Fourfold increase in revenue to US $11.1 million (2019: US $2.6 million)
  • Favourable fiscal environment have led to the receipt of certain VAT payments, improving business cashflow.
  • Santa Cruz Sur net daily production in 2020 totalled 1,966 boepd:
    • 10.2 mmscf/d of natural gas
    • 259 bbls/d of oil and condensate
  • In 2020, Echo’s net cumulative production was 0.72 MMboe:
    • 3,750 mmscf of natural gas
    • 94,693 bbls oil and condensate
  • Company estimated reserves and resources as at 31 December 2020 net to Echo’s 70% interest:
    • 1P (Proved): 3.13 MMBoe
    • 2P (Proved & Probable): 4.06 MMboe
    • Contingent Resources (High estimate): 7.20 MMboe (Best estimate 6.51 MMboe)
  •   Adapted swiftly during the period to challenges presented by COVID-19, reorganisation along value chains enabled Echo to lower operating costs and improve efficiencies

Post period end

  • Company successfully completed the restructuring of both the Company’s EUR 20.0m 8.0% secured notes and the Company’s EUR 5.0m 8.0% secured convertible debt facility loan. This represented a landmark step for the business by materially improving the financial outlook through the deferral of maturity until Q2 2025 and no cash interest payments prior to the maturity date. The agreement, with the support of the debt holders not only substantially strengthens the balance sheet it enables for the reinvestment of cashflow into the business to drive further growth.
  • Secured new gas sales contracts at premium rates to the prevailing spot markets in early Q1 2021.
  • Echo entered into a cooperation agreementwith GTL International S.A. (“GTLI”) to seek future opportunities in Bolivia.

Martin Hull, Echo’s Chief Executive, commented:

“Echo’s resilience during a very challenging year has ensured that we have been able to continue our operations efficiently and build firm foundations commercially and operationally despite the difficult external conditions. Not only have we made significant cost-saving efforts across the Company and rebalanced our financial position to provide increased flexibility, but we have also achieved tremendous operational progress across our SCS assets where we currently benefit from a favourable fiscal environment and attractive gas sales agreements with key customers. Moving forward, we are excited by the continuing expansion opportunities at our SCS assets, where we aim to maximise production potential, and we are also encouraged by the potential for new hydrocarbon and/or renewable energy prospects in neighbouring Bolivia and elsewhere in the Region. The framework for 2021 and beyond has now been set in place, and we look forward to capitalising on our various growth catalysts.”

 

For further information, please contact:

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications
Vigo Communications (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

 

Link to the full announcement and statements here.

Alan Green talks Echo Energy #ECHO, Emmerson #EML & Ananda Developments #ANA on the Vox Markets podcast

Alan Green discusses Echo Energy #ECHO, Emmerson #EML & Ananda Developments #ANA with Justin Waite on the Vox Markets podcast. Interview is 9 minutes in.

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