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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
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.
Abzzba, a balanced well wrote post, many thanks.
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.
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.
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.
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.