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Echo Energy updates on Argentina production ahead of financial results

Echo continues to work with its partner to determine the optimal use of investment capital, and, thus no new work-overs are presently planned

oil and gas operations
Financial results are slated for the week begining April 29

Echo Energy PLC (LON:ECHO) shares rose on Wednesday morning after it provided a production update ahead of 2018’s financial results statement, due at the end of April.

The Argentina-focused oil and gas firm said that output from the Fracción C and Fracción D licences amounted to 315,825 barrels oil equivalent, which translates to an average rate of 865 boe per day.

READ: Echo Energy completes one Tapi Aike seismic survey

It noted that around 31% of its production was oil and it saw an average sales price of US$63.80 per barrel. Produced gas, meanwhile, was sold in the Argentinian market at a price of US$3.99 per million British thermal unit.

Echo told investors that it continues to work with its partner to determine the optimal use of investment capital to maximise potential returns from any new work-over programmes at the Fracción D’s Canadon Salto field.

No new work-overs are due to get underway before the end of the first quarter of 2019.

The company said it expects to give an update on its plans for Fracción C & Fracción D licences in due course.

In a note to clients, analysts at joint ‘house’ broker Shore Capital said “we continue to highlight the company’s active work programme at this high impact project, where we see considerable unrisked potential.”

In late morning trading, shares in Echo Energy were 0.8% higher at 3.35p.

 -- Adds analyst comment, share price -- 

Quick facts: Echo Energy PLC

Price: 1.3395 GBX

Market: AIM
Market Cap: £9.53 m

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