London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
See Fridays 12.24 post by Digittt, not sure if there may be anything other than this to verify.
Are we sure the interims are going ahead at the end of the month ?
WT
I never really bought it either hence my only thought were an independent test external to Argentina linked in someway to a CPR. Time will tell, I still hold on to the fact this well was up-dip of existing plays
Interesting observation Linns, thank you,
I guess we must all keep the faith that we will see a turnaround at some point.
The_Linns, Much appreciated, seems we need to keep the faith for a wee bit longer, lets hope you are right then WT can buy a few more bottles of plonk with the profits from all those top ups he made a few months ago.
While frustrated too around the lack of (thus far) much communicated progress over the past few months, I do trust Martin and very much look forward to the hotly anticipated updated presentation and interims at the end of the month. This should shed some light on exactly what progress has been made over the past few months.
Picking out a few observations ...
We have Martin commenting on 9th Sept that “we are now entering an important period of growth for Echo”.
One of the purchased compressors is sitting on the Cerre Norte field, adjacent to Palermo Aike.
Martin has expressed his excitement earlier in the year regarding CLix-1001 and noting the primary target was shallower than expected meaning there's possibly more in the reservoir than previously estimated and perhaps the Springhill formation across the wider acerage.
These points together with the fact that the local Covid-19 lockdown in Argentina has nicely delayed (depending on how you look at it) Echo’s ability to prove-up by getting the right technical expertise into country, and have independently verifiable increases to proven 1P reserves (which would ultimately trigger the deferred $1.5m of the transaction price that’s been deferred). Extract from the 2019 report - Santa Cruz Sur Licences - "Purchase of the assets was finalised on 11 November 2019 for a non-contingent fee of US $8.5 million and a contingent cash consideration of US $1.5 million if as of 1 October 2020 there is an increase in the proven reserves attributable to the Santa Cruz Sur assets."
Conjecture on my part, but could this mean that if there's no increase in proven reserves by 1 October 2020, the $1.5m deferred part of the acquisition price no longer falls due for payment. That would be a nice Covid-19 bonus to Echo - and possibly a very shrewd piece of work by Martin (he does know his numbers after all).
WT, seems your expectations have changed since June / early July time as you were still "topping up" during that period, must admit i am starting to doubt, for everyones sake lets hope your wrong, last thing we need is more coal.
MrMarkyB
Argentina has a very well developed Oil & Gas drilling environment.
Schlumberger, the "Big Daddy" of Oil Service Companies have an office in Buenos Aires and employ 1600+ in the country.
No matter what you want, they can get it in double quick time.
I didn't believe the "story" then, nor do I now.
We have been held on tenterhooks for almost 6 months.
This has the foetid & rancid reek of Ms MacAulay V2, and we all bit down hard on that fantasy!!
The next RNS may well be the denoument, where we all get to hear "Sorry, but NO CIGAR" but thanks lads, we REALLY appreciate that you have paid Mr Parsons , his mates & "the Doctor of Rocks" hugely over inflated salaries and pension contributions for the last year or so!! Ka-ching!! lol
Bye!!
That is my sincere expectation.
WT
Maybe an RNS tomorrow.
When the well was tested on TA and the previous 4 well campaign results were reasonably quick and detailed, logic would think we would see the same on PA.....but we have not had a snippet.....I can not recollect how long the well had progressed through testing when it was paused but it was several weeks.....all strange..
Come on Echo
MrMB, as you suggest it could be they are awaiting a CPR to validate results but meantime would they not want to generate cash from that well.
Like all lth investors i would love to think we have found a commercial well with volume but the longer this silence goes on its human nature that doubt will creep in, i did mail MH asking if they were still "as excited" with campo limite but never got a reply.
So the Eagle WO rig, which we own, was used to complete testing operations and determine productivity, although this was suspended
15th April RNS
Campo Limite Test Update
Due to the ongoing international travel restrictions as a result of the COVID-19 pandemic, key personnel and equipment required to continue testing of the Campo Limite well from outside of Argentina have been delayed. As a result, a decision has now been made to temporarily suspend the completion and conventional inflow testing of the well at the present time until there is clarity as to when the present restrictions will be lifted. The Company looks forward to resuming the exploration well test when conditions allow and reiterates that this project remains a priority 2020 growth project for the Company and its partners.
So the question is what is the specialist piece of equipment and personnel we require!!! This should really be "run-of-the-mill" operations for any operator.......my only idea is that it could be an independent to validate any discovery for a possible CPR......
Thoughts anyone?
A few snippets from older RNS's
Jan 20th
The target Springhill Formation was encountered at 2,124 metres. Initial analyses of the wireline log data have been completed and have highlighted a zone of interest comprised of fine grained sandstones. This unit also coincided with elevated gas shows of 193,000 parts per million ("ppm") against a background of 20,000 ppm.
30th Jan
The Company is pleased to announce that CLix-1001 has now been confirmed to have identified the top of its primary target, the Springhill Formation, some 28 metres above pre-drill prognoses and 58 metres above the interpreted regional water contact zone within the area.
The fact that the Springhill Formation, across a 19 metre gross interval between 2,124 metres and 2,143 metres, is shallower than pre-drill prognoses had estimated, is potentially indicative of increased reservoir volumes situated above the water contact across the Campo Limite area, but confirmation of this will be the subject of future technical work.
In addition, the Company confirms that, following completion of drilling activity on CLix-1001 and the previously announced decision to move to completion and testing of the well, the programme for the completion and conventional inflow testing of CLix-1001 has now been agreed and testing operations are expected to commence in the second half of February 2020.
The Eagle workover rig, owned by Echo and its partners in the SCS assets, will be mobilised to undertake the testing operations. The completion and testing programme now defined is designed to seek to determine the productivity of the Springhill reservoir at the CLix-1001 well location and to identify which intervals are net pay.
Every morning without fail i like many others check here for an RNS, like many others i am starting to wonder exactly what the company are doing, how are the work overs getting on, has the specialist equipment and personnel arrived in Argentina yet, was the campo limite "excitement" another red herring.