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So mid July for Q2 oil sales too?
Yes - they said at the Dublin event they wouldn't be reporting on every delivery
They may report revenues quarterly, so going on 1st qtr we should get to hear around 18th August! With the oil price hope another good figure!!
I wonder if there be another delivery of oil and gas to market before the agm...it must be due
So doing some maths .....echo current approx Mcap is 73.85mill @14.8p..60p = 300mil 70p =350mil £1 = 500mill mid market..which what they want todo in 18months....That’s with currents shares in circulation....it’s going to start getting interesting from August onwards I think...agm next week (26th June)...good luck all holders
60p is my short term target
Good move yoloman, I have a nice investment here, just waiting for my pension pot to transfer into a Sipp then loading up!
I took all my cash and put it in here - so glad I did. Sou is great but could take 18 months to prove up. By then I hope we have all made lots at echo. 60p is my target in the short term.
The last well intersected 2 reservoirs so echo have the option of simultaneously producing from both reservoirs through comingling or dual completion.
They will be absolutely on top of this, so much going on, as just mentioned final drill and 5-6 more work overs, any play that’s commercially viable they will work on, that’s what we are here for, just hope the market soon starts to realise the potential here, perhaps many cautious with the dip at sou, but the fact is this drill hit! Just need the testing to prove this up to get ideas of volumes values etc
Marky I agree and I think Echo have taken some of the limelight from Sound with the speed of progress although admittedly Sound have a huge seismic program to get through. Would you or Lonestag move onwards from a play that could be huge for Echo onto Tapi Aike without knowing exactly the full extent of its undiscovered resources? Echo’s Tobifera is possibly loosely akin to Sound’s Palaeozoic.
Costs are shared, this play in the tobiferia a massive bonus! The team will work hard with cgc and devise a plan, we are E & P so right up our street!! was chatting to a fellow investor and discussed that we could blow like sou did over the next 3 months! never say never! Patience key!
There still 1 drill and 5/6 work over to be done.....then focus will turn to turning these finds into producers to provide a revenue stream for the drills on Tapi Aike...so I don’t see the need to raise cash again this year...
Carvelo you could be correct in your thinking. But as we know Echo have already indicated via Rns that they are accelerating drilling in Fracción D by substituting Los Joaquineso in Fracción C with CSo 111i in Fracción D which therefore indicates a level of agreed flexibility in the drilling program. Obviously it’s just my opinion but should this prove to be very successful I think there’s a conversation to be had with CGC.....Panthers video 5mins 40 secs onwards.
The fundraise for Tapi Aike saved 7 million dollars and in my mind was an excellent deal although the market thought differently. I know it’s very early to speculate as we’re still at the drilling and evaluation stage but to continue exploration within Fracción C and D would surely require additional revenue. Maybe if the results are beyond expectations then there’s a deal to be done with CGC. After all it’s certainly in CGC’s interests.
Dracan, Fiona said at the Dublin event we could have enough for the Tapi Aike first drill, these wells have taken about 4-5 months planning, permitting and drilling, I’d assume they want to test the wells before planning any more so I don’t think we’ll have any more drills this year but that window gives us the time to accumulate cash for further drilling.
IIRC we are only on the hook for 50% for any further drills as CGC will be contributing as well
With all the potential and the Mcap is only 73.85mill.....still lots of room for the sp to move.....mid cap company is what they are building and if all flows as expected we are all in for a nice return
It would be my guess that unless the current revenue would cover it they would need to formulate a plane to realise and mature the assets which would require a fund raise of sorts! If they diluted then with a rising sp the issue less! Could be other finance options available as well
From a financial perspective would Echo have the cash in the bank to continue unlocking Fracción C and D. Fiona also mentioned stimulating the well Ems 1001 and that in itself comes at a financial cost. Further drilling across Fracción C and D is perhaps a positive conversation that Echo will have to have with CGC.
They would run both side by side! The first drill not until mid next year on Tapi Akai! So a year away realistically!! Plenty news flow with all of this ! Happy days!!
I think that if the next well to be drilled in Fracción D, CSo 111i targeting a large gas structure in the Tobifera is successful and then the wells to be tested in July also prove to be productive then Echo are going to be left with a very nice headache. Yes they are in the process of signing agreements for the forthcoming Tapi Aike seismic but surely they would want to continue with proving up and bringing to market what seems to be an overlooked and possibly rather large Tobifera play that extends over Fracción C and D.
She said it could go some way to rival Tapi, Watch the you tube from the investor trip, it’s only 10 min long but her comment at 7.45 min roughly! Could be a game changer!!
Did Fiona actually say could rival tapi ? That would be amazing ;-)
Thanks to Panther for publishing this. Well done. Do you think they get it yet?
From Buenos Aires
Post RNS run down about EMS-1001 well results with
Fiona MacAulay ( CEO )
Julian Bessa ( VP Exploration )
Andres Brockman ( Country Manager )
https://youtu.be/5H6mRPJbtQM