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I'll have to hold my hand up as i was wrong.
The SP didn't fall the 5% I said. it's down 14%
Still time to recover but I think someone has pulled the sink plug out this time.
Way to go MH your the man.
I disgareee, that solar plan was never going to come off the table. They needed news to give PIs and they needed to raise money to fund MHs lifestyle.
I dont think he would try it again
bobbyrash
Free cash?
I don't think MH has gone off the solar idea as quickly as the last deal fell flat. There will others that will come along and leach more cash out of the company.
I think finally the worst is behind us and we will actually have enough free cash now to re-invest to grow production. I'm also encouraged by interoil and their plans for Santa Cruz. Is it a coincidence that interoil release news to increase their stake and how they intend to increase production just at the same time that we have the cash to do it? I think not. It's been a long time coming but when we finally get some work overs done then the rest should be history and Echo will start delivering on increasing revenues and paying down the debt. Onwards and upwards now Martin! Let's hear of the first work over asap!
Good post Grill, well articulated. In my mind the key to Echo’s success moving forward is to make big inroads into the debt. Then everything else will flow from that, literally and metaphorically…..
Grill, agree 100%, Interoil increasing its stake in SC to 30% is great news for us, also agree we should be nearing 20 million for this year with Oceano now producing 50% more gas however we really do need to see the most productive of the workovers being completed to assure 20 million for this current year.
Agreed , we could have guessed the Revenue was going to be v.similar to 2020 once we already knew the production was almost exactly the same. Looks like we've held station in terms of short and long-term debt now as well, not improved but not gotten worse either which is a relief (for me). Those are our 2 Covid years, 2020 going into it and shutting down wells/production then 2021 coming out of it and re-opening wells etc. All focus will now be on the current year and how well the company can take advantage of radically changed market conditions and transform our production capacity, will they, can they? I'm liking the idea of Interoil upping their stake in SC, getting Norwegian investors on board and becoming a stronger junior partner and driving the workover program - IMO that bodes well for us and gives me a bit more optimism than our own board does.
If they can get it right, in very simplistic terms for 2022 I'd be hoping to see 2021's Revenue almost doubled to $20m+ and that $9.6m of current liabilities reduced by about 75%. Not impossible but probably the absolute best we could do in 2022. Not sure if I'd be classed as optimistic or hopeful, we'll see.
Oil trader - production this year will be higher with a higher return on then new contract. Notice they are now planning to use the money not only to crack on with the workover program but also to get this debt down. If Dec 2022 accounts show an further increase in production and the debt reduced by another 3-5 million i think we should take that a step in the right direction.
this company wont 100% overnight. However i believe a slow steady growth in production and with the debt be paid off is progress even if we do not see it in the SP.
Unfortunately we just need to ride it out. I still stand by my calculations that without the debt this company would be sitting around 3.4ppl. Hopefully in time ( 18-24 months ) we get there.
If you notice on the chat there are only around 10 of use who regularly comment that are invested. Im know we are all down on our averages but unless we ride this out its only a paper loss.
Well it’s not great $11.1 million expected. No change. No commodity price rise will beat this share. Quick calc -$16.8 million next year with no changes. Can see the market liking that.
WTF ......well done MH , do me a favor and leave !
Oops and RNS that'll be another 5% wiped off the SP
Nothing new or startling in todays RNS, the news we want to hear is when will the workovers be started, when will we start to increase our prodution.