Member Info for abzzba

I guess those of us that bagged cheap shares owe Mr Marr a big thank you, it did wonders for my average.

Great opportunity to average down, now we have to wait for ECHO to get stuck into these workovers and numerous other projects, as i said before, 2024 this will be a very different company, maybe that wait is to long for some, not for me.

With any sort of luck 2023 should prove to be a good year.

Taking control can only be good news, ZIOC was always a long term play but it seems closer after this latest development.

All in all, not a bad week !!

ranger, your question has been answered countless times, but to summarise, now we can afford to service our debt and still have money left over to get on with these 30 wells followed by the workovers followed bt Campo Limite and Monte Aymond, then onto the numerous exploration opportunites that Phoenix the previous operator identified within our acreage, either you do not want to listen or believe or your not capable of understanding.
Within a few short years we could be turning over 50 million, laugh if you wish, we shall see who has the last laugh !!!

xel, agreed, wasting your time.

ranger, my way of thinking would be 5.5 Billion shares whether they are ECHO, Shell, BP or any other company would fill the same amount of buckets and wheel barrows.

Might i suggest you take your own advice, you been posting lies, half truths and utter rubbish on here for several years.

Bobat, When MH says we look forward to executing similar opportunities, of which we believe there to be many he is not joking, when we bought Santa Cruz it was indeed a mature and run down operation but all the surface work upgrades we have carried out mean we can now reap the rewards, dozens of wells will be brought back into production and that is on top of the workovers that have been identified in the tier 1 doc, add to that the new exploration opportunities that were already identified by Phoenix within our acreage. Due to the debt restructure we now have the money to bring Santa Cruz back to life.
Yes it will take time, 2023 looks like being a good year.

goza, if wells have been shut in for years (as in this case) you cannot just open the tap to max and let it flow, pressure has to be be decreased, if SOP is not followed you risk collapsing the well.

More production added, as yet unknown amout, as these wells have been shut in for 4 years they are being ultra cautious.

As we approach the end of the trading year thoughts turn to this years turnover, my guess would be we are 5 or 6 million up on last year, few reasons for this.
We have full years production from the Campo Molino wells that came back into production August / September last year and oil prices this year have been higher than last year.
Add to this our new gas contract prices plus the gas production increases we have had (eg Oceano field RNS 30th May).
The various surface upgrades have resulted in production increases accross the board, not huge bet evey little counts.
Think we can look forward to at least a 16 million turnover this year plus a balance sheet that looks a lot healthier due to the debt for equity deal.
We have not managed to get these 30 wells back into production for the year end but it all bodes well for next year, not out of the woods yet but certainly headed that way.
No doubt the resident nay sayers will question the above though i do find it strange that investors would spend so much time and effort belittling a company that they put money into, strange creatures.

PS, should also have mentioned we are paid in US $ so i really do not see Argentinian inflation affecting us that much,

ranger, strangely i find it rather easy with you and your like.
As for facts, ECHO purchased Santa Cruz November 2019, 7 million in cash plus shares, 5 million of that was a loan from Lombard so yes MH has added to the debt, but its still a fact that the majority of our debt was due to our previous CEO, under MHs tenure the debt did grow, due mainly to covid which brought the world to a halt around 4 or 5 months after Santa Cruz was purchased, Covid also brought to a halt the testing and completion of Campo Limite.
You may remember Argentina were somewhat behind the rest of the world and never really came out of lockdown until Feb / March 2021, during April and May 2021 ECHO performed surface upgrades for a water pipeline, immediatly afterwards the Campo Molino wells which had been shut in as we could not sell the oil were brought back into production, during the March 2020 and May 2021 i would agree that ECHO saw its debts rise due to missed interest payments, like most companies in the world ECHO struggled, all the above you seem happy to forget.
Fact, we have now cut our debt by 15 million plus accrued interest, exact figure unknown but probably around 18 million or so. Payment of the remaining dabt has been pushed back to 2032 and the interest rate reduced from 8% to 2%, incase you cannot work it out it means we are now paying a fraction of what we were and can now service our debt and have money to spend on addeding production.
The now age old question of why you keep posting negative views about ECHO for years when you are not invested in ECHO still puzzles many, we are still waiting for an answer to that question as well.

xel123, your wasting your time asking ranger and utility a reasonable question, when it comes to brain cells they were both test dummies for splitting the atom.

goza, seems you prefer the 15 million debt plus accrued interest.
Agreed that its a great shame we do not have a magic wand, we could have waved it a few times and sais debt be gone, but tough times need tough decisions, the company lives, the company grows.
Also remember the debt remaining is pushed back to 2032 and its at reduced interest rate of 2%.

Excellent...

There is not a lot of info in the report that relates to Santa Cruz, not surprising as 91.6% of Interoils assets have nowt to do with ECHO or Santa Cruz, Interoil only hold 8.4% of Santa Cruz.
There are two points mentioned,
1: the rig has been certified and is ready for work, thats good news.
2: Interoil state we should get 40 bopd from these 3 outlying wells, i suspect the intitial production will be more like 60 or 70 bopd as these 3 wells have been shut in for 4 years so there will be pressure build up, i suspect the 40 bopd is the expected production figure after the wells stabalize over the next couple of months.
40 bopd may not be a lot but as the wells do not require rig intervention and it appears to be a case of opening a few valves i will take 40 bopd which equates to 1.1 million a year in revenue or 770,000 to ECHO.

Our junior partner Interoil have released their 3rd quarter report, there are a few snippets about Santa Cruz.
Link below.

https://www.interoil.no/?page_id=13&year=2022&PressReleaseID=2885006