Home » Posts tagged 'echo' (Page 2)
Tag Archives: echo
Alan Green on tough times in the markets plus Revolution Bars, Echo Energy & Dekel Agri-Vision #RBG #ECHO #DKL on the Vox Markets podcast
Alan Green CEO of Brand Communications talks about tough times in the markets and news from the following companies:
Revolution Bars #RBG
Echo Energy #ECHO
Dekel Agri-Vision #DKL
https://www.voxmarkets.co.uk/articles/alan-green-on-tough-times-in-the-markets-plus-revolution-bars-echo-energy-dekel-agri-vision-b17ef27/
Echo Energy #ECHO – Total Voting Rights
Echo Energy, the Latin American focused upstream energy company announces, in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the following information as at 29 October 2021.
|
Class of share |
Total number of shares |
Number of voting rights per share |
Total number of voting rights per class of share
|
|
Ordinary shares of 0.25p each (“Ordinary Shares”)
|
1,309,013,085
|
1 |
1,309,013,085
|
No Ordinary Shares are held in treasury.
The above figure for total number of Ordinary Shares may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
For further information please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Communications
|
|
Vigo Communications (PR Advisor) Patrick d’Ancona, Chris McMahon
|
+44 (0) 20 7390 0230
|
|
Cenkos Securities (Nominated Adviser) Ben Jeynes, Katy Birkin
|
+44 (0) 20 7397 8900
|
|
Shore Capital (Corporate Broker) Jerry Keen |
Echo Energy #ECHO – Block Admission Update
Block Admission Interim Review:
Echo Energy plc, the Latin American focused upstream energy company, provides an update in relation to the Company’s block admission arrangements (the “Block Admissions”) in respect of new ordinary shares of 0.25p in the Company (“Ordinary Shares”) which may be issued as a result of future exercises of existing warrants and options. The Block Admissions have been put in place to enable the Company to handle any future exercises of existing warrants and options in an efficient manner.
Block Admission Interim Review:
Pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies, the Company provides the following notification regarding its Block Admissions.
|
Name of the company:
|
Echo Energy plc |
||||
|
Name of scheme: |
1.Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2017 (the “March 2017 Warrants”). The grant of the March 2017 Warrants was announced by the Company on 6 March 2017 and were granted as part of the institutional investment and Board changes described therein;
2. Options to subscribe for new Ordinary Shares at a price of 1.625p per new Ordinary Share granted by the Company to certain of the Company’s employees in March 2017 (the “March 2017 Options”). The grant of the March 2017 Options to certain of the Company’s employees was announced by the Company on 6 March;
3. Warrants to subscribe for new Ordinary Shares at a price of 3.0p per new Ordinary Share issued by the Company in November 2019 (the “November 2019 Warrants”). The issue of the November 2019 Warrants, which were issued in connection with the Company’s €5.0 million secured debt facility put in place at that time, was first announced by the Company on 21 October 2019; and
4. Warrants to subscribe for new Ordinary Shares at a price of 1.4p per new Ordinary Share issued by the Company in March 2020 (the “March 2020 Warrants”). The issue of the March 2020 Warrants, which were issued in connection with the extension of an existing £1.0 million secured debt facility, was announced by the Company on 6 March 2020.
5. Warrants to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Placing Warrants”). The issue of the July 2020 Placing Warrants, which were issued in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.
6. Warrants to subscribe for new Ordinary Shares at a price of 0.8p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Fee Warrants”). The issue of the July 2020 Fee Warrants, which were issued in respect of fees incurred in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.
|
||||
|
Period of return: |
From: |
19 March 2021 |
To: |
11 October 2021 |
|
|
Number of unallotted securities not issued under the scheme(s) at the start of the period: |
1: 2: 3: 4: 5: 6:
Total: |
61,538,461 3,033,628 74,200,000 3,571,428 13,300,000 5,700,000
161,343,517 |
|||
|
Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): |
1: 2: 3: 4: 5: 6: Total: |
0 0 0 0 0 0 0 |
|||
|
Less: Number of securities issued/allotted under scheme(s) during period: |
1: 2: 3:
4: 5: 6: Total: |
0 0 74,200,000 – November 2019 Warrants cancelled on 30 March 2021 0 0 0 0 |
|||
|
Equals: Balance under scheme(s) not yet issued/allotted at end of period: |
1:
2:
3:
4:
5:
6:
Total: |
61,538,461
3,033,628
0
3,571,428
13,300,000
5,700,000
87,143,517
|
|||
|
Number and class of securities originally admitted and the date of admission: |
1:
2:
3:
4:
5:
6:
Total:
|
64,538,461 – 2 March 2018
3, 033,628 -20 March 2020
74,200,000 – 20 March 2020
3,571,428 – 20 March 2020
13,300,000 – 21 September 2020
5,700,000 – 21 September 2020
164,343,517 |
|||
|
Name of contact: |
AMBA Secretaries Limited, Company Secretary |
||||
|
Telephone number of contact: |
+44 (0)20 7190 9930 |
||||
For further information please contact:
|
Echo Energy Martin Hull, Chief Executive Officer |
via Vigo Communications |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0)20 7397 8900 |
|
Shore Capital (Corporate Broker) Jerry Keen
|
+44 (0)20 7408 4090 |
|
Vigo Communications (PR Adviser) Patrick d’Ancona Chris McMahon
|
+44 (0)20 7390 0230 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
Echo Energy #ECHO – Operational Update
Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q3 2021.
Operational Update
The Company is pleased to announce that further to the announcement dated 26 August 2021, a further three wells from the Campo Molino oilfield have been brought online. All the recently reactivated wells are producing in-line with expectations. Maximum daily reported production achieved after these wells have been online has been around 350 bopd (net to Echo) This represents a further 20% increase from production levels announced on 26 August.
In the month of September liquids production net to Echo averaged approximately 290 bopd. This continues to represent an almost 50% increase in the total daily liquid production rate at Santa Cruz Sur when compared to the period immediately prior to the restoration of production from the Campo Molino field just over a month ago. Production levels from the seven reactivated wells continue to indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field, with those wells now being managed to deliver the same average monthly rate as had been achieved prior to shut in in April 2020.
Liquids produced at Santa Cruz Sur can cater for a variety of blend types, as and when required from customers. Given the opportunity presented by improving markets, and increases in realisable prices for higher quality products, the Company has optimised its commercial position by focussing production and sales on the highest quality blends, the prices of which have increased more quickly than other blends.
As a result of the demand and increased realised prices of higher quality blends, production from Santa Cruz Sur will, in the short term, be managed to focus upon production to deliver the highest quality and highest-priced blend which can be delivered from existing producing wells.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
“ Our pursuit of value for shareholders continues as we look at ways of maximising the price of our sales. The work we have done in recent months has borne fruit and we are now seeing materially higher prices for our higher-quality blend. This, coupled with increased production levels from the reactivated wells at Campo Molino, means we are seeing stronger cashflows as we head towards the end of the year.”
For further information, please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Communications |
|
Vigo Consulting (IR & PR Advisor) Patrick d’Ancona Chris McMahon
|
+44 (0) 20 7390 0230 |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
|
Shore Capital (Corporate Broker) Jerry Keen |
+44 (0) 20 7408 4090 |
Note
The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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. bopd means barrels of oil per day; bbl means barrel.
Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
#Echo Echo Energy – Successful Loan Restructuring
Echo Energy, the Latin American focused upstream oil and gas company, is pleased to announce that it has successfully agreed the restructuring of the Company’s £1.0 million loan originally provided to the Company in March 2017 and now held by Spartan Class O (the “Lender”), a sub-fund of Spartan Fund Limited SAC (the “Loan”) with the Lender.
The terms of the amendment to the Loan (the “Amendment”) are as follows:
· Maturity extended by 2 years such that the then outstanding remaining principal and accumulated accrued interest will mature on 8 March 2024 (“Maturity”) following four quarterly cash prepayments of £25,000 commencing on 31 March 2023.
· Interest reduction such that all Loan interest will be accrued and paid on Maturity at a reduced rate of 8% per annum from Amendment (previously 12% per annum) on outstanding principal on a non-compounding basis.
· 15% of the remaining £850,000 Loan principal, representing £127,500, has now been converted into 10,200,000 new Echo ordinary shares (the “Conversion Shares”) at an effective issue price of 1.25p – a premium of 108% to the closing mid market price per Echo ordinary share on 30 September 2021.
· Conversion Shares to be locked-in for a period of 6 months from Admission (as defined below).
Prior to the Amendment the full Loan, together with interest, had been due to mature on 8 March 2022 – with quarterly cash repayments of £50,000 prior to that maturity date.
In connection with the Amendment, the Lender has been issued with 3,096,429 warrants to subscribe for new ordinary shares in the Company at a price of 0.7 pence per new ordinary share, exercisable from the date of grant and with an expiry date of 30 September 2022.
Application has been made for the Conversion Shares, which rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM. It is expected that admission of the Conversion Shares, will occur at 8.00 a.m. on 7 October (“Admission”).
Following Admission, the Company’s issued ordinary share capital will comprise 1,309,013,085 Ordinary Shares, none of which are held in treasury. Therefore, following Admission, the total number of ordinary shares with voting rights in the Company will be 1,309,013,085 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Martin Hull, Chief Executive Officer of Echo Energy, commented: “The successful restructuring of the loan represents an important and positive step for the business as we continue to make great progress in 2021 both commercially and operationally. It materially reduces the near term cash outflow by delaying maturity whilst additionally reducing ongoing debt servicing costs, further strengthening our financial platform. These steps free additional resources to support our ongoing strategy of reinvestment in rapid payback production growth opportunities at a time of commodity price strength, reinforced by our attractively priced gas contracts. By investing in Echo at a more than 100% premium to the prevailing share price and agreeing to the lock up period, not only are the Lenders strengthening the balance sheet but also demonstrating confidence in the business and its strategy. “
For further information, please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Communications |
|
Vigo Consulting (IR & PR Advisor) Patrick d’Ancona Chris McMahon
|
+44 (0) 20 7390 0230 |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
|
Shore Capital (Corporate Broker) Jerry Keen |
+44 (0) 20 7408 4090 |
Echo Energy #ECHO – Alan Green talks to CEO Martin Hull.
Echo Energy #ECHO – Alan Green talks to CEO Martin Hull.
– Santa Cruz Sur portfolio of #oil assets in #Argentina
– VAT refunds and bond restructuring
– Near 50% increase in liquids production
– Blue sky projects
Twitter: https://twitter.com/Brand_UK | Facebook: https://www.facebook.com/brandcommsuk | LinkedIn: https://www.linkedin.com/in/alangreenbranduk/
#ceo #oil #gas #interview #echoenergy
Echo Energy #ECHO – Operational Update – Liquid Production Increases
Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for Q3 2021 until 23 August 2021.
Operational Update
The Company is pleased to confirm that following installation of the pipeline required to bring back online the liquids production which was shut in April 2020, the infrastructure has now been successfully commissioned for operation and shut-in wells are being brought online. This follows an upgrade of the electrical infrastructure, which was designed to support the first tranche of production from the Campo Molino and Chorillos oil fields to provide sufficient power to support sustained production from the associated ten wells. These upgrades are also part of the Company’s strategy to control critical infrastructure previously rented from contractors.
To date, the Campo Molino oil field has been brought back online with four of the shut-in wells now back in operation and producing from the Springhill reservoir. This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18.
As of 23 August 2021, the recently reactivated wells have contributed to an almost 50% increase in total liquids production at Santa Cruz Sur compared to the period immediately prior to this (281 bopd gross, 197 bopd net to Echo – during the period 1 -17 August 2021). This represents an increase of 137 bopd gross, 95 bopd net to Echo and work continues to bring the remainder of the first tranche of shut-in production back online. The production levels from the initial reactivated wells indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field. Prior to shut-in, the combined gross production from the ten oil wells was approximately 138 bopd gross, 96 bopd net to Echo, approximately the same level now being achieved from the initial four wells, with the associated upgraded infrastructure.
Daily operations across the asset base in Santa Cruz Sur continue with the delivery of produced gas to industrial customers under contract with premium winter pricing being achieved. Production over the period from 1 January 2021 to 23 August 2021 reached an aggregate of 381,243 boe net to Echo, which included 48,211 bbls of oil and condensate and 1,998 mmscf of gas.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
“During Q3 2021 we have continued to make significant operational progress and deliver against our objectives. Successfully increasing our liquids production is an important milestone. There remain further production upsides as we continue through the programme of reopening previously shut-in wells. Increased production combined with the continuing marked upswing in global commodity prices materially increases our cashflows enabling reinvestment to further drive growth. The ongoing production increases have been achieved while maintaining our careful cost management in order to maximise value for shareholders.”
For further information, please contact:
| Echo Energy
Martin Hull, Chief Executive Officer
|
via Vigo Communications |
| Vigo Consulting (IR & PR Advisor)
Patrick d’Ancona Chris McMahon
|
+44 (0) 20 7390 0230 |
| Cenkos Securities (Nominated Adviser)
Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
| Shore Capital (Corporate Broker)
Jerry Keen |
+44 (0) 20 7408 4090 |
Note
The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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; bopd means barrels of oil per day; boepd means barrels of oil equivalent per day; MMscf means million standard cubic feet of gas.
Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
Alan Green talks house builders and recovery, plus Persimmon #PSN, Zenova Group #ZED and Echo Energy #ECHO on UK Investor Magazine podcast
Alan Green joins the UK Investor Magazine Podcast in the midst of the summer lull in market with holidaying traders meaning lower volumes across markets and tepid price action.
Nonetheless, we have received strong data from the ONS on UK house prices that confirmed what most in the market had already knew; Uk house prices have soared boosted by Stamp Duty Holidays and lack of supply.
We discuss Persimmon (LON:PSN), Zenova Group (LON:ZED) and Echo Energy (LON:ECHO).
Alan Green talks AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV on Vox Markets podcast
Alan Green discusses AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV with Justin Waite on the Vox Markets podcast
Echo Energy #ECHO – Operational Update – Q2 Update 2021
Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for Q2 2021 until 14 June 2021.
Operational Update
The Company is pleased to confirm that following fabrication, installation of the pipeline infrastructure required to bring back online the liquids production previously shut in April 2020 is now complete. The schedule has been delivered in line with the timeline anticipated in the Company’s announcement of 24th February 2021.
It is expected that the first tranche of production to be brought back online will be from ten wells in the Campo Molino and Chorillos oils fields. This work to bring the initial production back online is expected to take around 15 days. When these wells were last online, the combined gross production was approximately 138 bopd gross, 96 bopd net to Echo.
This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18. Subsequent tranches of production when brought back online should increase this active oil well stock to around 35. The programme of work to bring online the subsequent tranches of wells will be optimised both to maximise cost efficiencies and accelerate production increases.
Increasing liquids production represents delivery upon the Company’s strategy to leverage the marked upswing in global commodity prices. It is expected that the additional liquids production will contribute to a material cashflow increase.
The Company is additionally pleased to confirm that since 1 May 2021 gas production has been sold under the previously announced new gas sales agreements, with the significantly increased winter pricing. Gas volumes not sold under long term contracts are sold to the spot market.
In May 2021, the company sold a total of 18 MMscf to the spot market at an average price of $US 5 per mmbtu representing a 151% in prices compared to the March 2021 average spot price.
Daily operations in the field at Santa Cruz Sur continue with the delivery of produced gas to customers as expected. Production over the period from 1 January 2021 to 14 June 2021 reached an aggregate of 278,600 boe net to Echo, which included 33,910 bbls of oil and condensate and 1470 mmscf of gas.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
“As we have moved into mid 2021, Echo has continued to deliver on its promises, with the pipeline infrastructure delivered to schedule. We are now moving into a phase of increasing liquids production enabling Echo to benefit from the upswing in global oil prices and the improved macro-outlook as demonstrated by our increased frequency of oil sales. Against this global backdrop, domestic spot market gas prices have also risen markedly, and we have been able to take advantage of this improving domestic situation. With improved economic tailwinds and new infrastructure installed in the field, we will have additional capacity to commission incremental enhancement projects within the portfolio. The increasing cashflows are expected to enable further production investments to be funded from operations. These preparations to take advantage of identified material organic growth options demonstrate Echo’s commitment to and confidence in its growth strategy in the Santa Cruz Sur assets . Our clear focus remains on creating value for our shareholders and we continue to progress opportunities to do that across the portfolio connected by our enhanced infrastructure.”
For further information, please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Communications |
|
Vigo Communications (PR Advisor) Patrick d’Ancona Chris McMahon
|
+44 (0) 20 7390 0230 |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
|
Shore Capital (Corporate Broker) Jerry Keen |
+44 (0) 20 7408 4090 |
Note
The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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; bbl/d means barrels of oil per day; boepd means barrels of oil equivalent per day; MMscf mean million standard cubic feet of gas; MMscf/d means million standard cubic feet of gas per day.
Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.