LONDON (Alliance News) - Echo Energy PLC produced more than 300,000 barrels of oil equivalent in 2018 from licences onshore Argentina, it said Wednesday.
The 315,825 barrels came from the Fraccion C and Fraccion D assets in Argentina. Average daily output was 865 barrels of oil equivalent per day.
Some 31% of its production was oil, and the average price during the year was USD63.8 per barrel. All gas was sold into the Argentine market at USD3.99 per million British thermal units.
On the operational front, Echo is working with its partner at the Canadon Salto field on Fraccion D but expects no well interventions during the first quarter of 2019.
Echo had net cash of USD15.6 million at the end of December, it added. Shares were 4.7% higher on Wednesday at a price of 3.48 pence each.
Echo Energy (ECHO)