Echo Energy liquids production shows a ninth continuous quarterly increase

Echo Energy plc (LON:ECHO), the Latin American focused energy company, has provided an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for the quarter ended 31 December 2022.

Operational Update

During Q4 2022, daily operations in the field at Santa Cruz Sur continued to deliver produced gas and liquids to key industrial customers and total 2022 cumulative production from Santa Cruz Sur, net to Echo’s 70% interest, reached an aggregate of 532,302 boe (including 101,574 bbls of oil and condensate and 2,584 MMscf of gas).

During Q4 2022, net liquids production averaged 298 boepd whilst net gas production averaged 7.3 MMscf/d. Net daily production averaged 1,522 boepd during the quarter. The combined Q4 2022 oil and gas production levels were the highest quarterly levels achieved in 2022 and reflect the measures undertaken under the Company’s Production and Infrastructure Enhancement Plan (the “Plan”) to improve infrastructure. Liquids production during Q4 2022 was the ninth continuous quarter of production growth, and a 12% production increase over Q1 2022. Average liquids production over the course of 2022 was 278 bbls per day, 25% higher than that in the previous year.

QuarterAggregate Net Production(boe)Average Net Production rate (boe/d)Aggregate Net Liquids Production (bbls)Average Net Liquids Production rate(bbls/d)Aggregate Net Gas Production(MMscf)Average Net Gas Production(MMscf/d)
Q1 2022134,1671,49123,8302656627.4
Q2 2022127,1231,39724,7702726186.8
Q3 2022130,9631,42425,5272766296.9
Q4 2022149,0491,52227,4472986757.3

As previously announced on 10 November 2002, the scheduling of activities under the Plan is currently being optimised from cash flow at the asset level in order to maximise the benefit of funds available. Given the success of the Plan to date, the Company is also looking at options to increase working capital availability which can be used for the benefit of accelerating production increases in early 2023 under the Plan. These production increases target the reactivation of a total of approximately 30 or more wells in Santa Cruz Sur which, when combined with the infrastructure upgrades under the Plan, could result in further increases to net production.

The Company looks forward to updating shareholders on further progress on production growth under the Plan.

Martin Hull, Chief Executive Officer of Echo Energy, commented:

“I am pleased to report that we continue to make progress with our Plan. This is a strong set of quarterly production results, with liquids production showing a ninth continuous quarterly increase. This production growth is a direct result of the infrastructure investments that we made under the Plan during 2022. We remain committed to delivering on our strategy to grow production and are looking at working capital options that can build on the initial success of the programme and accelerate production growth from Santa Cruz Sur. I look forward to reporting further progress that will deliver value to our shareholders.”

Directorate Change

The Company also announces that further to the announcement on 13 October 2022, the Company confirms that Marco Fumagalli has stepped down as a Director of the Company with immediate effect.

James Parsons, Echo’s Chairman, said:

“We would like to reiterate our thanks to Marco for his contribution over the last few years and wish him well with his future plans.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin
Echo Energy

More articles like this

Echo Energy plc

Oil prices edge higher

Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5%, at $76.65 a

Echo Energy plc

Oil ticks up as markets weigh U.S. debt deal

Oil prices edged higher in choppy trading on Monday, as markets weighed a tentative U.S. debt ceiling deal that would avert a default by the world’s top oil consumer against further Federal Reserve interest rate hikes that could

Echo Energy plc

Oil extends gains on higher gasoline demand

Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains. It was the second

Echo Energy plc

Oil prices rise on Canada wildfires

Crude oil prices were on the rise on Monday as the market continued to fear a tightening of crude supplies on Canadian wildfires. Crude oil prices were trading up 1.5% on Monday afternoon, with WTI trading at $71.12 per

Echo Energy plc

Oil prices tick up on positive US fuel demand data

Oil prices rose on Thursday, clawing back some of the previous day’s losses, supported by fuel demand data from the United States, the world’s top oil consumer. Brent crude rose 52 cents, or 0.7%, to $76.93 a barrel

Echo Energy plc

Oil edges up after three-day plunge

Oil prices rose on Thursday but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh. Brent futures were up 73 cents, or 1.01%, to

Echo Energy plc

Oil prices rebound

Crude oil futures were trending higher as hopes of a demand-led recovery seemed to win over growing concerns regarding the health of the global economy, particularly in key economies in the U.S. and Europe.  Brent crude was trading at $82.57/barrel at 12:24

Echo Energy plc

Oil prices firm today

Oil prices firmed slightly early on Tuesday, after falling 2% in the previous session, as stronger economic data from the world’s largest crude importer China underpinned demand outlook. Brent crude climbed 23 cents to $84.99 a barrel at

Echo Energy plc

Oil rises on China stimulus expectations

Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 63 cents, or 0.8%, to $84.81 a

Echo Energy plc

Oil surges as OPEC+ surprise output cuts shake markets

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. Brent crude was trading at $84.22 a barrel by 0900 GMT, up

Echo Energy plc

Oil markets steady as investors weigh banking crisis

Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a

Echo Energy plc

Oil prices rebound after hitting lowest since 2021

Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand. In

Echo Energy

Oil prices rebound

Oil prices rebounded more than 1% on Wednesday, recovering from the previous day’s plunge, as a stronger OPEC outlook on China’s demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent

Echo Energy

Oil edges higher on supply tightness

Oil prices edged slightly higher on Monday, bouncing back from early losses, as top oil executives at an energy conference in Houston discussed supply tightness and hopes for rising Chinese demand. Oil market and logistics are tight and

Echo Energy

Oil settles up

Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or

Echo Energy

Oil prices rise on China demand recovery and supply concerns

Oil prices climbed on Monday due to positive sentiment regarding China’s demand recovery, concerns about underinvestment impacting future oil supply, and major producers maintaining output limits, as Reuters reported.  Brent crude increased by 0.6% to reach $83.47 a

Echo Energy

Santa Cruz Sur production hits peak in Q4 2022

Latin America-focused energy company Echo Energy has seen its Santa Cruz Sur field reach the highest quarterly production levels of 2022 in the fourth quarter. The asset in which Echo holds a 70 percent interest, reached an aggregate of 532,302

No more posts to show