Proactive Investors - Run By Investors For Investors

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 -- 

View full ECHO profile View Profile

Echo Energy PLC Timeline

Related Articles

Drilling rig
July 08 2019
The company is focused on a buy-low, sell-high land and leasing model in the SCOOP and STACK plays of Oklahoma’s Anadarko Basin.
North Sea
May 08 2019
Operator Equinor is analysing all the data to assess options at Verbier and the rest of the licence
Cargo ship
June 11 2019
MSAR is a cleaner substitute for heavy fuel oil that is burned to power large cargo ships

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use