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Echo Energy, the Latin American focused energy company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q4 2021 to 30 November 2021.
Daily operations across the asset base in Santa Cruz Sur and the delivery of produced gas to industrial customers under contract have continued uninterrupted during the first two months of Q4 2021. Production over the period from 1 January 2021 to 30 November 2021 reached an aggregate of 523,735 boe net to Echo, including 74,605 bbls of oil and condensate and 2,695 mmscf of gas.
As a result of the completion of capacity increasing infrastructure works, gas production in November 2021 averaged 7.1 MMscf/d net to Echo, an increase over the 6.7 MMscf/d net production rate during the previous month.
Net liquids production in the first two months of Q4 2021 averaged 255 bopd, and is an increase of 31% over Q1 2021 levels prior to the commencement of production optimisation and the bringing of shut in wells back on line. The benefit of both infrastructure maintenance and the previously announced commercial focus on high-quality blends at Santa Cruz Sur has also led to an increased frequency of oil sales during Q4 2021 to date, with total liquids sales net to Echo in quarter four to date of 16,855 bbls (Q3 2021 total of: 15,050 bbls). This increase in liquids production has helped to offset the expected natural decline in gas production over the year.
The Company looks forward to updating shareholders on production levels on a quarterly basis going forward.
For further information, please contact:
Martin Hull, Chief Executive Officer
via Vigo Communications
Vigo Consulting (IR & PR Advisor)
+44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
+44 (0) 20 7397 8900
Shore Capital (Corporate Broker)
+44 (0) 20 7408 4090
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to provide an operational update.
Ø Recruitment of new senior commercial and exploration personnel
– Tiyapo (Tipps) Ngwisanyi is the former and founding CEO of the Government owned Botswana Geoscience Institute. Tipps has joined the Company as Managing Director of Kavango Minerals (Pty) Ltd
– John Lauderdale is a Chartered Geologist and seasoned exploration professional, who has run large-scale exploration programmes across Africa. John has joined Kavango as Senior Consulting Geologist
– Jeremy S. Brett is an internationally recognised Professional Geoscientist who has worked previously in the Kalahari Suture Zone (“KSZ”). Jeremy is now working with Kavango as a Senior Consulting Geophysicist.
Ø Updated geophysical model of Target Area B
– Target Area B covers the “Great Red Spot” magnetic anomaly, which has been subject to previous exploration
– Historic exploration of the Great Red Spot was limited by the technology available at the time
– The Company now believes the primary source of the Great Red Spot’s magnetic anomaly is towards its northern edge
– This appears to be coincidental with Target B1 (announced 2 July 2021). Planned drilling to test this assessment.
– Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms.
– Jeremy Brett and Kavango CEO Ben Turney have given a short video presentation about the updated geophysical model of Target Area B, which is available through the following link – https://youtu.be/0yQx_vLD8_Y
Ø Drilling update
– Downhole gyroscopic survey complete. TA2DD002 successfully drilled to within 1 degree of original target
– Drilling recommenced at TA2DD002, with target depth of 1,000m expected overnight on Wednesday 22 September
– On completion of operations in Target Area A, the rig will be mobilised to Target Area B
– Kavango will then drill one geological hole into the Great Red Spot and one borehole to intersect the conductor of Target B1
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our vision is to build a world-class minerals exploration firm in Botswana. These senior appointments are a significant step on our way to achieving this vision .
I am delighted to welcome Tipps, John and Jeremy on board. Each brings valuable skills, expertise and experience to Kavango. These senior appointments are the culmination of months of hard work and reflect the significant progress we have made as a business over the course of 2021.
We still have a lot to do to make our first discovery, but it feels like the pieces are falling into place.”
Recruitment of senior team members
Over recent months, Kavango has made the following appointments:
– Tiyapo (Tipps) Ngwisanyi (Managing Director, Kavango Minerals (Pty) Ltd))
Tipps is a geoscientist, who began his career at the Botswana Department of Geological Survey. In 2010 Tipps became Director of the Geological Survey and was then appointed as founding CEO of the Botswana Geoscience Institute in 2015, a position he held until he joined Kavango at the start of August.
As Managing Director of Kavango Minerals (Pty) Ltd, the Company’s local operating subsidiary in Botswana, Tipps is responsible for in-country commercial management and liaisons with all stakeholders, from the Department of Mines to local farmers and community representatives.
– John Lauderdale (Group Consulting Geologist)
John is a Chartered Geologist and seasoned exploration professional, who has been responsible for annual budgets of up to $80million and run teams of <350 personnel. During his career John has successfully worked on projects throughout Africa, from Morocco to South Africa.
Over the last three months John has been helping Kavango implement a comprehensive overhaul of the Company’s in-country operations. John works full time for Kavango and reports directly to the board of directors.
– Jeremy S. Brett (Senior Consulting Geophysicist)
Jeremy is an experienced geoscientist, with a strong geophysical, geological and project management background. Over the last 27 years Jeremy has designed, supervised, quality assured and interpreted geophysical and geological exploration programmes across many base and precious metal projects around the world.
Jeremy has specific relevant experience in exploring for Nickel-Copper-PGEs mafic/ultramafic complexes, having previously worked on the Kalahari Suture Zone for Canadian firms in the late 1990s and early 2000s. Jeremy was responsible for the siting of Hole GRS1, which targeted the centre of the “Great Red Spot” and was drilled to a depth of 934m in 2002.
Jeremy published a paper on the KSZ in the Journal of African Earth Sciences in 2002, titled “Geophysical exploration of the Kalahari Suture Zone”. He has been assisting Kavango since March this year and is now conducting a review of the Company’s geophysical strategy.
Geophysical update on Target Area B
Once current drilling operations are complete at Target Area A in the KSZ, Mindea Exploration and Drilling Services (Pty) (“Mindea”) will immediately mobilise the rig to Target Area B to commence drilling there.
Target Area B is in a distinct geological setting to Target Area A. It covers an area that is known as the “Great Red Spot”, thanks to its physical appearance on magnetic maps. The Great Red Spot is a previously identified large-scale magnetic anomaly that has been subject to limited historic exploration.
In 2002 a Canadian junior exploration company, Opawica Exploration Inc (“Opawica”), drilled Hole GRS-1 into the centre of the Great Red Spot. GRS-1 was drilled to a depth of 934m, encountering 17m of gabbroic rocks from 917m. However, the Company believes that limitations in available geophysical technology meant that accurate profiling of the Great Red Spot was not possible at that time.
Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has now been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ.
The New GRS Model estimates that the primary source of the magnetic anomaly of the Great Red Spot is positioned much closer to its northern boundary than previously recognised. Kavango believes this magnetic anomaly could be associated with a combination of Karoo and/or Proterozoic intrusions.
According to Kavango’s analysis, Target B1 appears to be coincidental with the edge of the magnetic anomaly. The Company will seek to confirm this interpretation through drilling.
Kavango’s Consulting Geophysicist Jeremy Brett and CEO Ben Turney have given a video interview to Alan Green, CEO of Brand Communications, to provide greater context about the Company’s modelling of Target Area B.
The link to this presentation can be viewed here:
Drilling update Hole TA2DD02
Drilling at Hole TA2DD002 was temporarily halted on Tuesday 21 September at 950m to allow for the downhole gyroscopic survey. A gyroscopic survey is used to measure the angle of a borehole. This survey was successfully completed and confirms Hole TA2DD002 has been drilled to within 1 degree of the original objective. Given challenging drilling conditions closer to surface and the depth Hole TA2DD002 has been drilled to, the Company regards this as a notable technical success by Mindea and Equity Drilling Ltd.
Drilling has subsequently resumed and is expected to reach the final target depth of 1,000m overnight on Wednesday 22 September.
Kavango has used a TLB Loader to prepare a 20km roadway from Target Area A to Target Area B, so that the drill rig and accompanying equipment can be transported quickly and safely.
Kavango has also prepared drills pads and now plans to drill two boreholes:
– First, the Company plans to drill a geological hole to a depth of up to 1,000m, targeting what it believes to be the shallowest point of the magnetic high of the Great Red Spot. Kavango expects to encounter Karoo and Proterozoic gabbros in this hole.
– Second, the Company plans to drill a hole to intersect Target B1 to an estimated depth of up to 600m. Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms. Kavango’s geophysical model estimates that Target B1 is positioned at the northern edge of the Great Red Spot.
The primary objective of both boreholes is to extract core samples for full sweep rock analysis.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the KSZ Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.