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LONDON (Alliance News) - Latin America-focused Echo Energy PLC on Thursday reported maiden annual revenue from operations in the region following the start up of production.
Echo booked USD8.8 million on revenue in 2018, after none in 2017. Echo achieved average production during the year of 865 barrels of oil equivalent per day, from the Fraccion C and Fraccion D sites in Argentina.
Echo's pretax loss still widened, however, to USD24.4 million from USD9.6 million, due mainly to over USD15 million of impairments.
The company made a number of acquisitions during 2018, giving it significant further acreage, and it said 2018 was overall "extremely busy".
Managing Director & Chief Financial Officer Martin Hull commented: "Having secured the world class Tapi Aike asset as part of an extensive acreage position in South America, Echo delivered on an ambitious work programme with four exploration wells drilled and three workovers completed safely and within budget.
"Ever cost-conscious, negotiations for the Tapi Aike seismic campaign translated into a significant discount, securing the acquisition of the full 1,200 square kilometre seismic commitment which will take us into the next stage of Echo's development. 2019 looks very exciting as we work towards drilling Tapi Aike, evaluating Bolivia and continuing to maximise returns across the portfolio."
Shares were 1.0% lower on Thursday morning at a price of 2.92 pence each.