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Before we forget what this site is about maybe we should remind ourselves of the plus sides to ECHOs assets.
On the 14th October we received news that the first workover had been completed and this flowed at 76 bbl/d, we have another 15 workovers waiting to be completed, I think it likely the next workover wells are being worked on right now.
If we are being conservative we might use an average production rate of 45 bbl/d from each of these 16 wells once all 16 are back in production, the figure could be higher or lower, who knows, but 16 x 45 would equate to 720 bbl/d, add these onto the Campo Molino production we should be on or around an oil production of 1000 bbl/d.
The above work is in line with MHs low cost low risk strategy. For details of the workovers see page 9 of the latest presentation.
On top of the expected 1000 bbl/d mentioned above we can add on our current gas production which we are selling the bulk off to commercial customers so the end of winter should not have a great effect on gas sales.
It was recently announced that Argentina will open its borders on November 1st, this would allow the specialists required for Campo Limite testing to enter the country, we can only guess what CL might bring to the table but the signs look very very good, might I suggest you read the RNS released 30th January 2020 ref CLix-1001 well, also we should not forget Monte Aymond (ref 29th Sept 2020 RNS), this previously produced gas flow of 5 MMscf/d before being shut in years ago when oil was the prize, MA will require a reasonably inexpensive workover and there are various options for transporting the gas with either a 2.6 km pipeline into Chile or a hub development via Campo Limite which lies around 5km away.
Purely my opinion but another 6 months of patience and ECHOs current sp will be history, as always DYOR, and try not to be misled by the trolls that infest this board.
Yes we have had gas compressor issues bringing wells back into production and yes Campo Molino experienced temporary production problems in October but make no mistake we will come through this, would be great if we could move faster but as MH is the guy with his finger on the pulse we need to accept his judgement, the important thing is the end result.
I should also have mentioned that with Campo Limite we have to repay 60% of the well costs to Phoenix Global Resources, this may influence MHs decision on when we proceed with testing of the Campo Limite well.
Thank you abzzba for all your efforts, echo is definitely on the right path. If you keep all the information you gather about echo in one location and ordered, we can post it from time to time to keep new investors well informed. This supposed to be the work of MH and friends but they seem not bothered at all with the local events. They are looking at the wider picture and the bank too. I can easily see echo well above the 5p soon.
ARahim, no problems, it's easy enough to support something you believe in, it's simply a waiting game, hopefully not much longer to wait.
Abzzba, a balanced well wrote post, many thanks.
I would agree with goza172 a very well written post full of detail and if i was visiting this board for the first time i would be really impressed. However, i still have to ask why the SP is down at .54. ARahim 5p soon? Dream on.
Finally abzzba for me this in no way detracts from your abhorrent comments over the last few days and worst still your refusal to apologise for making them.
Sound Energy shareholder have had very good news this morning and the SP rose by some 11%
No matter what good news we get here the SP seems to drop. Now down to .53. When is the promised upturn, the re-rate. Where is the signpost showing us the way to the promised land.
Last week we were told by the great deceiver that Argentina borders are reopening . Demand is up and with prices so high we would soon be cash rich. Now we are being told the FTSE and oil prices are falling due to the new variant of COVID. Hang on a minute the great deceiver does not believe in COVID. The pandemic was a hoax. My cleaner who lost a mother and brother in the same week was pulling my leg. The local licensee who`s brother died from COVID has actually shipped him off to Spain to look after a bar out there. No reports as predicted on the workovers. Just the chief ramper and his acolytes one of whom promises 5p soon.
Not to worry xmas is coming and this goose is decidedly not getting fat but the board are. Also the paid rampers. Hope your enjoying yourself sneaking around the back streets of Bulgaria
UTi
I've found out where ABZ works, it must be at SSE.
Our power went down on Friday evening at 8pm because of Storm Arwin keep texting us that we will be back on within the next 12hours. Tonight we will be our 5th night without power.
The maybe this am then this pm then maybe tomorrow sounds very familiar.
Maybe Arwin is make believe too?
Hahaha very good ranger
0.50, I wonder if abzzba is still happy with his investment at ECHO and the ECHO management team
Hello jolly, still well in profit for 85% of my holding, good of you to think of me,
What’s your average!? Can’t be far off
UTI
Spoke to ABZ from SSEN 20 mins ago told me the power was back on I just needed reset my fuse box? F'N bonkers chestnut tree the size of ABZ's ego lies across the power line flattened to the floor.
Right back to Echo..... Same as SSEN telling me ****ss'h
joelebeau don`t believe a word he posts. He is a consummate liar. Never once has he admitted a wrong prediction and although the SP has dropped to .5 he is still in front. The great deceiver. He needs medical health of a mental nature. Whilst this drop might be temporary has he posted to say it was unexpected by him. No that would be admitting error. What an absolute clown. Sneaking around the backstreets of Bulgaria . God knows what he`s up to. Great deceiver and great denier .
I said it before, we won't hear anything in general until christmas. Whether there is accumilation going on in the background or not. It's pretty uneventful at the moment, the more the price falls relative to production and oil really I want to see the balance sheet unless we headed oil prices it has to be reasonably high. If we were not selling to Argentinians or US the oil and gas should had shipped to China as there prices are off the wall. No guarentees the management was good enough to do that, but to be fair I think this is safer than Tesla but much is safer then Tesla on this market to invest in.
I still remember CPE from April 2020 all the way to November 2020 it was selling below $6 then it December it came out they had production up and were able to make a profit. Same should have happened here, if not the management are swindlers and a case needs to be taken out because every oil and gas company has been in profit this last year would be highly implausible not to be.
We just need to get the price up to 50mill for institutes to pick it up really.
UtilityOne, that is defamatory! Where I have lied? I am not in Bulgaria so maybe you are getting confused and are the one in need of medical help. I do admit errors, and my first main investing error was was ever investing in ECHO... and my second was not getting out sooner (i'm still in, more fool me)
Guys (sure you know who i mean) have you ever considered you might not be cut out for dabbling in shares and that is why your all so angry now.
I could sell 85% of my shares at a profit today but why would i when its simply a waiting game for a much much higer sp.
Nice day in Varna, sun shining, lets hope its not too long before the sun shines on ECHO.
JOELEBEAU if you took your time and read the post it stated don`t believe him as in abzzba. He is in Bulgaria for 5 weeks. Now if you had been following the posts you would know that. Happier now. Nothing derogatory aimed at you.
My bad, easy to misinterpret on these forums, especially with missing punctuation!
Jesus the panic here is palpable.
Still holding, nothing has changed. Stop looking at the SP. Likely joelebeau your biggest mistake will be to sell.
The companies strategy is the right one.
Except the quick dip in crude oil due to the Omicron variant, commodity prices are still high, both oil and gas are fine. With the USD continuously strongly vs the Argentinian pesos I imagine our production costs are also lower.
Those who cannot wait and get freaked out by the sp drifting down should really sell and go invest in a tracker. I could not care less where this drops as we will shoot back right up when production update is out and well are back online.
Sick of the 2 trolls just filter them, I've one that a long time ago.
Agree Eats - buy on the way down if you believe in the fundamentals - if you don't then why stay here - we know that positive news will drive this - look at where we are currently in terms of the new COVID fear and ask yourself why oil and stocks are going down a little whilst we try to ascertain more info on this variant - this will re-rate as producing and $7 million MCAP is ridiculous.....
Read a fantastic column by Ambrose Evans-Pritchard yesterday, the World economic editor of the Torygraph.
Title: Bears beware: Omicron may yet deliver a roaring economic recovery
Goldman Sachs has gamed four omicron outcomes: “severe downside”, “downside”, “false alarm”, and a surprise “upside”. These scenarios have starkly different implications for asset prices and macroeconomic policy over the next year. Get it wrong at your cost.
You can already see this tension playing out in wild moves on global bourses, or in oil prices, with each snippet of fresh information.
Markets have taken a fresh beating this morning on warnings from Moderna that it is “not going to be good” for the existing vaccines. But if the disease is indeed milder, a slippage in antibody protection levels may not matter, and we still have T-cell memory as the next line of defence.
For the sake of argument – as a Gedankenexperiment – I assume that the benign picture from South Africa holds up over the winter and that we will land at the optimistic end of the Goldman spectrum.
The picture for markets is “bad” in the immediate sense that jumpy, snake-bitten governments will shutter parts of the economy as a precaution.
[...]
It is “good” to the extent that it brings this ordeal to a rapid climax and pulls forward the day when we can dismantle the suffocating architecture of perma-testing, flight curbs, vaccine passports, forced isolation, and state intrusion in people's lives.
Scientists will know in a couple of weeks whether omicron has a lower case fatality rate than delta.
[...]
The original cohort of patients breezing through surgeries in Johannesburg with little more than a headache may be a trick of the time sequence.
Should the benign scenario prevail, it will turbo-charge global economic growth and set off another leg of the commodity boom, probably pushing stock market indices to even frothier levels. You would not want to be in US Treasuries, gilts, or Bunds.
[...]
A benign omicron outcome reshuffles the political debate and splits the world into different camps. Those countries such as the UK, the US, Mexico, Brazil, or India, inclined to ‘live with the virus’ will return to normal very fast.
At the other extreme, China is trapped by zero-Covid ideology and two years of state propaganda extolling the country’s superiority over the West for having successfully bottled up the virus. China has scant natural immunity and prefers not to put its semi-defective vaccines to public test.
[...]
Europe is in a quandary. Delta is pushing hospital systems to the brink in Germany, Austria, Holland, and most of central Europe, with France catching up as its vaccine immunity wanes with a lag. Harsh measures are needed. Yet a milder omicron variant would call for the opposite policy in quick succession.
Those states still pursuing suppression strategies to varying degrees may find it ever harder to justify coercive action, risking ‘gi
The only problem with filtering these infestations is you do not get the chance to correct their lies, half truths and the downright misleading information they post.
They are on ever BB. From experience absolutely no point in correcting them, waste of time. Also, they always disapear when mcap recovers, but then get replaced by new ones as soon as their is a pullback. It's a lost battle. The more you interact with them the more they'll come back.