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IN BRIEF: Echo Energy Says Santa Cruz Compressors Deal Reduces Costs

Wed, 09th Sep 2020 17:21

Echo Energy PLC - Latin American focused upstream oil and gas - Joint-venture partners at Santa Cruz Sur blocks, Argentina buy four previously leased gas compressors for USD2.2 million. Purchase reduces gross monthly operating expenditure by around USD100,000. Echo Energy taking phased approach to bringing back wells into production at site. Expects to generate additional monthly operating revenue of USD120,000 per month by fourth quarter should brent prices reach USD45 a barrel.

Current stock price: 0.50 pence

Year-to-date change: down 78%

By Eric Cunha; ericcunha@alliancenews.com

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