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Yesterday: 1,489,276 sells and 1,698,729 buys = 3.4% drop.
Today: 2,270,285 buys, 100,655 unknown and 2,999 sells = 1.67% rise.
How many times have you seen it drop a few percent on a handful of sells ?.
How many times have you seen it rise on a handful of buys ?.
The crowd are baying for blood and i can understand why, its been a long hard slog and ""very very"" slow going, but face it, 2020 and early 21 was lost due to the pandemic, we survived, we are short on cash, be nice if we had loads to throw at workovers and CL etc, we dont.
Give it time, all we need to get off the ground are a few of these workovers completed.
ranger, the sp drop will not affect you as you do not hold any shares and the sp drop will not affect me as i intend holding onto my shares until the sp recovers, the only affect on me might be that if it drops more i might be tempted to buy more, keep up your "good" works.
dipsticks; Fact is nothing has changed, we are still sitting waiting on ECHO starting the many workovers which should transform the companies finances and allow it to start paying back our debts, more patience needed, a bummer i know but if your under water there nowt else to do but hold your breath (and i wish a few on here would).
Fact is nothing has changed, we are still sitting waiting on ECHO starting the many workovers which should transform the companies finances and allow it to start paying back our debts, more patience needed, a bummer i know but if your under water there nowt else to do but hold your breath (and i wish a few on here would).
Grill, agree 100%, Interoil increasing its stake in SC to 30% is great news for us, also agree we should be nearing 20 million for this year with Oceano now producing 50% more gas however we really do need to see the most productive of the workovers being completed to assure 20 million for this current year.
Bless `em they still believe even after all these years that ECHO cannot come good. Still i suppose it`s only natural. A lot easier than facing the truth which is ECHO are just starting to get their act together, its taken sometime but we are on the cusp of great things !!
For info ECHO were mentioned during the webcast, someone asked if Interoils partners were onboard with Interoils strategy for Santa Cruz, Interoil CEO said there had been discussions and yes the partners were agreed on the way forward (or words to that affect).
Note, the webcast was not primarily about Santa Cruz but it was covered.
No idea if there is a link to the webcast, it went out live last Thursday 13.00 GMT but you could check Interoils news page where much of what was discussed is documented.
https://www.interoil.no/?page_id=13
After listening to the Interoil webcast last week I got the impression it should not be too long before we hear news on the first of the workovers.
The ECHO presentation tier 1 doc page 8 found at below link gives details of the workovers, 3 of these stand out due to the expected production uplift and the low cost of the work, these are.
1: Well CRr-4 In Campo Bremin field, expected uplift 2 to 2.5 MMscf/d with capex of $50k – 100k.
2: Well CMo-8 In Campo Molino field, expected uplift 75 to 100 bbls/d with capex of $100k – 150k.
3: Well CMo-24 In Campo Molino field, expected uplift 75 to 100 bbls/d with capex of $100k – 150k.
The above three wells could boost production by 30% plus for less than $400,000, surely we must get these three wells flowing again ASAP.
That said there are several other workovers mentioned in the tier 1 doc that will give only an expected 25 bbls/d uplift and the capex for some of these is $200k – 250k each, in my eyes hardly worth the effort and money.
https://www.echoenergyplc.com/media/1532/2022-01-17_balanced_energy_portfolio_web.pdf
Hi guys, looks like you been missing me, sorry, been cleaning the shed out.
Util, for info no i did not get an e mail from ECHO inviting me to speak with the "special" one.
I do agree MH is more a financial guy than oil guy, but the way i look at it he has kept us alive, bought Santa Cruz which is now our bread and butter and which can offer a lot more, the previous owner identified quite a few new well drilling opportunities, once again these have been covered by Interoil, guess we need to wait see where echo end up and see who is correct.
Util, thank you for your valued and well thought out post however i can assure you i have no tie up with ECHO other than being an investor in the company.
As i have stated several times, we see things very very differently, i see a company that is slowly (too slowly for some) getting its act together, i would agree its been a long hard slog but that is no doubt due to the limited cash we have, agreed MH is short on news and information but i am heartened by the news releases from Interoil in the past few days, these backup what we have already been told, if anyone had bothered watching the Interoil webcast on Thursday (as i did) i am sure they would feel the same way i do.
PS, i do not remember saying "Next week we will be millionaires` but sure i have heard that somewhere before !!.
Meantime might i just reiterate, its just a waiting game, ECHO will come good.
Guys, you need to be realistic, ECHO are not rolling in money.
When we bought Santa Cruz it was already a very "mature" ancient field, some of the wells have been producing for 40 years or maybe even a bit more, the infrastructure was clapped out, we need to replace, upgrade or at the very least service almost all the infrastructure then we can start workovers and run that increased production through the surface infrastructure.
Maybe we have spent a lot of cash (including some of the solar fund raise) on these repairs and upgrades to pipelines and compressors etc but without these works we cannot flow more oil and gas through the clapped out infrastructure.
Be patient and ECHO will rise from the ashes.
He bought in January 2021 with 59 million shares, looks like he was the big buyer a few days ago and has upped his stake in ECHO, last years RNS below.
https://www.lse.co.uk/rns/ECHO/holdings-in-company-z47cir278kplu6i.html
Given this a bit more thought and i think i should revise my calcs, we might struggle for a 15 million turnover for 2021, 2 reasons, the ground work upgrades we did in April and May last year resulted in some lost production during the works and secondly Campo Molino wells only came back on stream August and September of 21 so we have only 4 or 5 months production from these in 2021, however 2022 should be much better and if Interoils figures are realistic next year we should be well over the 30 million mark.
As i have said before, just a waiting game.
My calcs 2021 turnover between 15 & 17 million.
If the figures stated by Interoil today, ie an increase of 600 bbl/d plus 2 MMscf/d of gas (both gross) were realised after field upgrades then we should be looking at around an annual turnover of 35 million,