(Alliance News) - Echo Energy PLC on Wednesday reported that production from its 70%-owned Santa Cruz Sur assets has been 228,249 barrels of oil equivalent since it first acquired the onshore project in November.
Echo shares were 22% higher at 2.26 pence each in London on Wednesday afternoon.
Echo bought the stake in the Argentina-based project from Phoenix Global Resources PLC in November for an initial USD7 million cash payment.
In the period to the beginning of November to the end of January, average daily production from Santa Cruz, net to Echo's 70% stake, was 2,481 barrels of oil equivalent per day.
Echo added: "Between November 1, 2019 and January 31, there were a total of four cargo liftings of oil and condensate, of an aggregate of 27,082 barrels net to Echo, with an average sales price of USD52.1 per barrel of oil equivalent.
"In addition, a fifth cargo of oil and condensate, in excess of 15,000 barrels of oil equivalent net to Echo is currently in the process of being loaded at port and is expected to be completed in the coming days."
By Eric Cunha; ericcunha@alliancenews.com
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Echo Energy (ECHO)