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Realistically bav what are you and others expecting as a response if dialogue with the board actually starts? The bunch you name are 1st class con artists and AIM lets them get away with it. But ultimately, it comes down to an investor buying shares at their own discretion. Even if the directors are found to have been working outside of the rules, it still won't get you your money back. At a certain point, people need to move on and accept their own poor judgement, life is too short.
soundasapenny
ok! lol
WT
trellis35
O/T
We have France in Cardiff, probably with Shaun looking to extract retribution from the WRU for only offering him a one year contract. They were moronic for letting him go!
And why England did not snap him up and put him into a pair of gold and diamond encrusted handcuffs defies explanation.
Ireland at HQ for the Triple Crown. Andy Farrell might be a little conflicted, but also a score to settle here.
Farrell Jnr might do well to look out for low flying, shamrock chomping wing forwards with malice on their minds!!
Ah, the Scots in Rome. A potential banana skin of epic proportions.
After this one, the much loved and admired Townsend might well be observed in the Trevi Fountain clutching a P45! LOL
And if you must drink whisky watching the game, please ditch the universally derided Glenfiddich and go for a classy example of "Uisge Beatha" such as Springbank 10 year old. Around £45, delivered from House of Malt or £48.00 from Amazon with free delivery. Although my whisky imbibing days are hardly visible in the rear view mirror, this is one fabulous bottle.
As far as today is concerned, Eastern Tapi Aike is not the reason Echo is here.
The blowout seen in the west in the 1970's and the 6 months it took to burn out is where the real attraction is.
I hope that someone give Dr Bessa the GPS co-ordinates otherwise we will be in real trouble once again.
Echo are 0/5 on drills so far, and we must do better.
We have the 3D seismic, the well finance is in place....6 months should see us with a well drilled!
WT
Also looks like we are bouncing upwards of the low point
I think the Santa Cruz well is in better shape to be commercial fingers crossed
Sorry for your losses trellis and sure you have a good point to make but you can't say they ramped this result beforehand..
12 December 2019
"While the presence of gas shows in the target sections, combined with the data retrieved during logging, have resulted in the Company and Operator taking the decision to move to completion and testing, gas shows can be a result of various processes. The Company cautions that completion of the well test and the analysis of the test results will be needed to conclusively establish the presence of producible gas"
Seems quite measured imho certainly not "rampy."
Not today, maybe after CLix-1001 is tested.
Sorry.
-cont-
-facilities.
WT
The message that we got this morning was the "Tapi Aike Partnership" failed discover an economic accumulation of hydrocarbons, at this; their best prospect in the Eastern Cube!
It can be wrapped up in fine RNS speak, but failure is just that.
They spent a not inconsiderable amount of our cash on 3D seismic and spent months deciding where and how to formulate a drilling program and they came up short. Unless the information derived from this drill derisks other nearby prospects that just missed the cut, spending more time and money here seems to be folly.
So off to the West it is. We do not know what the targets might be there?
I might be incorrect, but we were not given a number (which is normal policy to disclose) that they were targeting at this CLM x-1 well, the singular lack of success might explain that!!
What does bother me at Echo, besides after drilling 5 wells they have found nothing substantive is the drain on our recourses the salaries of Mr Parsons and his mates are.
We have income from the Santa Cruz production, but we do not know what the nett number is to our bottom line after operational/selling/fixed cost are? Then we MUST minus the cost of operating the Echo company and the inflated salary structure.
Some posters point out the similarities of Echo to Sound. The one big difference is that Martin Hull is CEO and not Mr Parsons who does appear to be somewhat toxic in the PI retail firmament. I do think that if Mr Parsons and his influence disappeared from Echo, then that might be quite the fillip to our SP!
As far as CLix - 1001, the RNS dated 30th Jan seems fairly ambiguous.
For example:
Why was the location of the top of the Springhill a surprise.
Was the seismic what had been previously done inaccurate?
Was a 3D seismic done local to the drill site done, and if not why not? Over to you, Dr Bessa!??!
There is comment that this surprise will cause further technical work to be done, at our expense or that of the vendors who supplied it?
The RNS implies that this misinformation may cause a reappraisal of reservoir volumes across the Campo Limite area which has "The presence of additional gas resources, if confirmed, would provide enhanced commercial development scenarios for existing discovered volumes at Palermo Aike."
What "existing discovered volumes at Palermo Aike?" We did not get a CPR for the Santa Cruz assets, so actually in the dark as to what we actually bought. There needs to be far better transparency here, otherwise some might say that this is all technospeak gobbledegook and that we are on the Sound V2 train headed for economic oblivion, just like those poor suckers!! Sorry, I hope that you know what I mean!
A bad day, reminiscent of last February.
We do however have3 more bites of the cherry.
In the West the gas export pipeline is further away from potential drill sites than in the East, so that any discovery must be bigger in order to justify expenditure on pipeline/ treatment facilit
It appears now that It's a big relief that CGC are 81% holders. ECHO will have to follow decisions made by CGC. I still think something positive will come out of this given CGC's record. With 19% stake, ECHO has little say in the final decisions.
Trellis are you still invested here or just here to spread doom and gloom?
I guess they try to minimise costs by targeting two zones only to achieve commercial flow, so now they will re-appraise and make a decision. Be interesting to know the anticipated volume
It's a very confusing RNS. Why would they announce non-commercial gas discovery before even completing the full testing process. They must be confident in exceeding the commercial flow rate once they complete testing from the remaining zones, hence shutting the well for a pressure build up and going back in to test on a later date. Looks like the second drill been put on hold till they workout what to do with this Well. May be at last something may come out of this. No point for me to sell, I will see this through the remaining 4 wells whatever happens.
"As a result, testing of the shallower Magallenes 60 interval, which was the upper secondary target of the CLM x-1 well, and the Magallenes 40 interval is now under consideration with the objective, in aggregate with the flow rates achieved from the intervals already tested, of seeking to exceed the commercial threshold. These additional sand intervals showed elevated gas shows during drilling and, whilst there can be no assurance that further testing and/or commerciality of the well will follow, further technical work will now be undertaken by the Tapi Aike partners to aid the consideration of whether testing of these additional intervals should be undertaken. In the interim, the CLM x-1 well will be shut in for evaluation and the Well Head Pressure will be measured during this time."
It was the Mag 20 tested not Mag 60 with higher gas shows PPM.
We still have Santa Cruz and 3 more drills on TA so all is not lost and will continue holding
GLA
In looking over the RNS i appreciate that the flow rate is below commercial level, but what about the volume of gas or are they unable to prove that!
However only 2 zones were "stimulated/tested" where as there were 6 zones of interest. Check out the RNS 12th Dec.
They had peak flow combined of 0.85 MM and average 0.6 MM, to be optimistic I would like to think they will do additional work on this well. As it states they have shut the well in and monitor head pressure.
From the 12th Dec RNS
The upper secondary target ("Mag 60" or "Lobe G") was encountered at 1,977 metres. Within this package two fine-grained sandstones have been identified that coincide with elevated gas shows of 109,900 parts per million ("ppm") and 149,500 ppm against a background of 16,500 ppm.
The primary target ("Mag 20" or "Lobe C") was encountered at 2,181 metres and coincided with elevated gas shows of 72,900 ppm and 80,300 ppm in the uppermost 15 metres within a fine-grained sandstone. Two cores, of 19 metres each, were taken over the primary target between 2,185 metres and 2,223 metres with 100 per cent recovery. Further analyses will be undertaken on the cores, but the lower of the cores showed a well-developed fine-grained sand in the bottom 10 metres.
Well Iv been on many wells that have come in under the commercial threshold to considerable cost to the operator. But I've yet to see a well with another zone we could test to bump up our commerciality. It’s a first for me. Must be something they want to put into production. Good news is that it’s been a cheap well to drill and it’s not over yet. We’ve proved up hydrocarbons and still a second well to test. If hydrocarbons are confirmed then we are doing something right that enables us to feed this information back into the system to get better well locations in this area. My top up is getting held.