News

Echo Energy reports production in 2018 averaged 865 boepd (ECHO)

27 Mar 2019 | by: Richard Mason

Echo Energy (LSE:ECHO) released an operational update on Wednesday in which it highlighted production in 2018 averaged 865 barrels of oil equivalent per day (boepd). The company has two producing licenses, Fracción C and Fracción D, in Argentina. The company expects to give further details on both licenses ‘in due course’, in the meantime, Echo is determining the optimal deployment of funds for well interventions at the Canadon Salto field on the Fracción D license. Echo holds a 50pc working interest in both licenses alongside partner Compañía General de Combustibles S.A (CGC).

Today’s announcement also stated that Echo will release its full year results for 2018 during the week commencing 29 April. Ahead of results, the firm says its cash balance as of 31 December 2018 was $15.6m.

Last Month, the company announced that is it utilising the results from the EMS-1001 well to refine a mechanical stimulation design for the ELM-1004 well and that seismic activities across Tapi Aike are well underway. The Seismic survey is moving to cover the larger western cube of Tapi Aike after the eastern cube survey was completed.  Echo said initial indications suggested the data quality was good.

The share price of Echo Energy, currently 3.35p, was hit hard after the company announced its mechanical stimulation of the EMS-1001 well failed to recover hydrocarbons. The market currently values the company at £16m.

Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

  • Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.
  • Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

More News & Analysis

Crypto crash: So many broken promises

Crypto is once again crashing and the bulls and bears are at loggerheads. Meanwhile Coinbase is being sued and criticized for outages during volatility.