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Pin to quick picksEcho Energy Share News (ECHO)

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EARNINGS SUMMARY: Echo Energy, Enwell Energy, Sivota revenue rises

Fri, 30th Sep 2022 22:02

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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Sivota PLC - investment vehicle focused on later-stage, Israeli technology firms - Pretax loss widens to GBP1.8 million in the first half of 2022 from GBP62,000 a year before, as administrative expenses jump to GBP1.1 million from GBP65,000. Records revenue of GBP1.1 million, up from nothing. Attributes revenue to the acquisition of Apester.

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Ariana Resources PLC - exploration firm with interests in Turkey, Cyprus and Kosovo - For the first half of 2022, pretax profit falls to GBP2.9 million from GBP7.1 million. Attributes this to a profit on restructuring in the prior period of GBP6.4 million. "We look forward to providing further updates from our exciting pipeline of projects and investments, representing a full spectrum of opportunities across commodities and jurisdictions, yet maintaining a continued focus on advanced projects in gold and copper, particularly in south-eastern Europe," Managing Director Kerim Sener comments.

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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss for the first half of 2022 widens to USD522,127 from USD39,458 a year before. Records no revenue, unchanged from a year before. Total administrative expenses swing to a loss of USD520,416 from a profit of USD90,449. "We are continuing to make progress in Cameroon and Namibia; and despite the legal issues Shell has faced in South Africa we are confident that we can still move forward there, albeit with caution. We want to drill as soon as we can in Cameroon in particular, and this continues to be our immediate priority," Chair and Chief Executive Jeremy Asher states.

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Crystal Amber Fund Ltd - Guernsey-registered fund - Net asset value per share stands at 145.03 pence at 30 June, up versus 143.19 pence as at December 31, 2021. Records a total NAV return of 8%. Explains that it continued to optimise outcomes for its portfolio companies.

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Enwell Energy PLC - London-based oil and gas company - Pretax profit in the half-year to June 30 soars to USD48.9 million from USD18.1 million Revenue jumps to USD77.2 million versus USD41.1 million. Credits this to "significantly" higher gas prices offset by lower production volumes. Cautions about the impact of the conflict in Ukraine on its business.

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Echo Energy PLC - London-based energy company focused on Latin America - Pretax loss in the first half widens to USD2.0 million from USD1.3 million. Cost of sales rises to USD7.3 million from USD5.5 million. Exploration expenses grow to USD143,545 from USD45,807. Revenue increases 6% to USD6.2 million from USD5.9 million, as production over the period has continued to remain strong. Secures new gas contracts for 2022-2023 significantly above the 2021 annual pricing.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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26 Aug 2022 11:50

Echo Energy makes progress at Santa Cruz Sur

(Sharecast News) - Latin America-focussed energy company Echo Energy updated the market on progress in the production and infrastructure enhancement plan at the Santa Cruz Sur assets on Friday.

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26 Aug 2022 11:14

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26 Aug 2022 10:08

Echo Energy shares up on "critical steps" towards Santa Cruz plan

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15 Aug 2022 11:21

Echo Energy raises GBP600,000 in oversubscribed placing

(Alliance News) - Echo Energy PLC on Monday said it has raised GBP600,000 via an oversubscribed placing of 242.0 million shares at 25 pence each.

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12 Aug 2022 18:01

IN BRIEF: Echo Energy proposes placing and debt restructuring

Echo Energy PLC - London-based energy company focused on Latin America - Proposes placing by way of accelerated bookbuild to raise at least GBP450,000 in shares at 0.25 pence each. The issue price is around a 3% discount to Thursday's closing price of 0.257p. Also proposes restructuring of existing debt, conditionally agreeing with Lombard Odier Asset Management Europe Ltd to convert its EUR5.0 million 8.0% secured convertible debt facility with LO into new shares at 0.45p each. The conversion price is a 75% premium to the closing price on Thursday, it says.

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25 Jul 2022 20:30

IN BRIEF: Echo Energy closer to boosting Santa Cruz Sur output

Echo Energy PLC - London-based energy company focused on Latin America - Says equipment mobilised at Santa Cruz Sur asset as part of plan to upgrade power generation capacity to levels sufficient to sustain elevated output. Echo in July had announced plans to materially lift output at Santa Cruz Sur. Echo on Monday says equipment has been mobilised at asset and installation will take a month.

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7 Jul 2022 16:48

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27 Jun 2022 21:51

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20 Jun 2022 15:40

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Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
30 May 2022 18:47

IN BRIEF: Echo Energy increases gas production at Oceano field

Echo Energy PLC - London-based energy company focused on Latin America - Says daily gas production at Oceano field has materially increased following upgrade programme. Over the first quarter, the field produced an average of 1.72 million standard cubic feet gas per day, and is now producing 2.63 million standard cubic feet per day since the upgrades. Total average gas production net to Echo across the Santa Cruz Sur assets for the 12 days to May 21 rises to 8.4 million standard cubic feet, which is 14% higher than the average for the first quarter.

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3 May 2022 16:04

Echo Energy secures new gas sales contracts at "significant" premiums

(Alliance News) - Latin-American focused upstream energy company Echo Energy PLC said on Tuesday that it secured two new gas sales contracts at significant premiums to 2021 contracted rates.

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5 Apr 2022 12:32

IN BRIEF: Echo Energy posts lower quarterly oil production

Echo Energy PLC - London-based energy company focused on Latin America - Provides operational update on its Santa Cruz Sur assets in Argentina for the first quarter. Compared to the fourth quarter of 2021, total net production of barrels of oil equivalent per day grows by 6% to 1,491. However, this is below the average net daily production of 1,966 it achieved in the year 2020.

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