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Jeb, no I don't think thats too much to ask or expect but we have a board who are crap at communicating (intentionally or otherwise). Interoil on the other hand do seem to be much better at communicating (maybe due to being Norwegian??!) - they have a tendency to say whats coming up, whats happening currently and the results once done - whereas our board seem to tell us that somethings done only after its completed and they have some numbers to share (e.g. Oceano). One of the reasons I will be glad for Interoil to get that 30% as they look to be a solid partner. I'm expecting to hear next from Interoil the results of the new issue, then their acquisition of the extra 21.66% and then whats happening next at SC (judging from the prospectus they are already mobilising for the work anyway so the work I think is likely to be imminent). At what point our own board weigh-in with any info we will see - hopefully they are just waiting for Interoil to get their house in order and ducks in a row but it could be that they still won't tell us much or anything until the works are complete like they did with Oceano.
JONNYF, I think you right, and I’d be surprised if there ever was a solar project. MH new there would have been more questions asked if they raised for working capital. Still, we should be told. If we were told all the money was going towards the workovers at least that’s a positive.
Jeb, judging from the financials RNS it looks like its probably in the bank waiting to start workover projects; ''The Company's cash balances as at 30 April 2022 stood at c.US$1.6 million (including US$1.0 million of Echo's 70% interest of SCS JV cash balances in Argentina). Echo's consolidated cash position as at 31 December 2021 was US$0.9m, up 28% from US$0.6m as at 31 December 2020.''
Interoil are just doing a cash raise/issue which closes this Friday afternoon (1 July) , raising up to USD$3m (NOK 30m). They have an option to purchase increased participation share in SC of 21.66% which would make them our full junior partner (30% to our 70%). Stated purpose(s) for the cash being raised per the prospectus; ''The purpose of the Share Issue is to enable the Company to carry out the activities for the organic and inorganic growth described herein. Accordingly the net proceeds of the sale of the Offer Shares shall be used to partially fund the works to be made in the Santa Cruz concessions to increase oil and gas production and to improve product marketability, as well as to fund the activities planned for MMO in Chubut and La Brea in Jujuy. In addition such funds shall also be used to allow and partially fund the exercise of the option for the acquisition of an increase participation in the Santa Cruz concessions and the well repairment contemplated with regard to Bajo Guanaco in Neuquén.'' Full prospectus - https://www.interoil.no/wp-content/uploads/2022/06/Interoil-National-prospectus.pdf So, they want to use the funds (partly) to purchase the extra 21.66% in SC from IOG resources, then also partly to fund SC workover activity + for other activities which are nothing to do with ECHO.
The 'works to be made in the Santa Cruz concessions' earlier on in the prospectus; '' For the Santa Cruz operations, the program consists in the installation of surface equipment adjustment to be able to treat oil production to improve product marketability. This program is related to the installation of a plastic pipeline gathering produced water from different production fields to be injected into different disposal wells spread out in the Chorrillos block. Such surface treatment process adjustments will reduce field operational costs whilst allowing the re-opening of shut-in wells to increase oil production by 600 bopd and adding 2 MMscfpd of gas sales. This well re-opening will also require different downhole repairs in some wells. As a result, Interoil is in the process of certifying its dedicated pulling rig to be able to undertake well intervention in the Santa Cruz operations. Likewise, Interoil is preparing some maintenance work among the gas compressors so as to ensure to have them producing at their optimal operating capacity.'' Looks like a major block of work focused on Chorillos - they are getting their side of it sorted and we should already be in that position. So, most interesting news for us is likely to come from Interoil maybe next
The rapid rise in the oil and gas prices have caught their sham out.
They are getting paid for turning a coin (PI's Money) into their own wages.
Now with the prices being what they are they are struggling to come up with any reasons why this SP isn't flying and they are racking in the money. So they just go stoom and say nothing. Any company that was/is producing oil and gas should be making a killing.
ABZ didn't you say not that long ago that MH was playing a blinder by not producing and selling more because you thought he was holding out for a better price?
azbbza what a pathetic little person you are. You must be a paid ramper. You cannot possibly be that moronic to keep saying wait, wait wait. Shareholders are genuinely concerned about their investments being frittered away by the board and you mock them. `Nothing has changed` is without doubt the most stupid comment i have ever seen on this board.
dipsticks; Fact is nothing has changed, we are still sitting waiting on ECHO starting the many workovers which should transform the companies finances and allow it to start paying back our debts, more patience needed, a bummer i know but if your under water there nowt else to do but hold your breath (and i wish a few on here would).
Nothings changed???? The price of oil and gas has changed. Nearly doubled!! So "waiting " to pay back debt and "waiting" to start the same workovers that we were told would be started a year and a half ago so we can increase production and make more money and pay back debt. Awful lot of waiting going on. Or in other words sweet f a going on. Apart from the Surrey set enjoying the high life at shareholders expense.
Fact is nothing has changed, we are still sitting waiting on ECHO starting the many workovers which should transform the companies finances and allow it to start paying back our debts, more patience needed, a bummer i know but if your under water there nowt else to do but hold your breath (and i wish a few on here would).