Echo Energy PLC Operational Update and Notice of Results (0904U)
27 March 2019 - 6:00PM
UK Regulatory
TIDMECHO
RNS Number : 0904U
Echo Energy PLC
27 March 2019
27 March 2019
Echo Energy plc
("Echo" or the "Company")
Operational Update and Notice of Results
Echo Energy plc, the Latin American focused upstream oil and gas
company, is pleased to provide an update on production during 2018
and on other operational matters and to confirm the expected timing
of the publication of the Company's final results for the year
ended 31 December 2018.
Production
Total production, net to the Company, during 2018 from the
Company's producing Fracción C and Fracción D licences was 315,825
boe, at an average daily production rate of 865 boe/d (including
gas used for fuel in the field). 31% of volumes produced
constituted oil. The average oil price realised during 2018 was
US$63.8 per barrel. Additionally, all sales gas produced during
2018 was sold into the Argentinian market at an average realised
price of US$3.99 per mmbtu.
Workover Program
As previously indicated, the Company has identified a number of
additional candidates for well interventions in the Canadon Salto
field (Fracción D licence). The Company confirms that it is
continuing to work with its partner to determine the optimal use of
investment capital to maximise potential returns from a further
investment programme in Canadon Salto and that, as a result, no
well interventions are expected to commence in Q1 2019. The Company
will provide an update on its plans for the Fracción C &
Fracción D licences in due course.
Notice of 2018 Final Results
The Company announces that it expects to publish its 2018 final
results, which will be reported in US Dollars, during the week
commencing 29 April 2019. Ahead of publication of the 2018 final
results, the Company confirms that the Company's unaudited net cash
position as at 31 December 2018 was approximately US$15.6
million.
For further information please contact:
Echo Energy plc
Martin Hull, Managing Director m.hull@echoenergyplc.com
and CFO
Cenkos Securities
(Nominated Adviser)
David Jones
Ben Jeynes +44 (0)20 7131 4000
Hannam & Partners (Joint Corporate
Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Shore Capital (Joint Corporate
Broker)
Jerry Keen +44 (0)20 7408 4090
Vigo Communications (PR Adviser)
Patrick d'Ancona
Chris McMahon
Simon Woods +44 (0)20 7390 0230
Note
The assignment of Echo's participation in the Fraccíon C,
Fraccíon D, Laguna Los Capones and Tapi Aike 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 and boe/d means barrels of
oil equivalent per day. mmbtu means million British Thermal
Units.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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