Member Info for abzzba

https://www.cnbc.com/2020/06/12/china-may-impose-trade-curbs-on-australia-but-cant-stop-buying-iron-ore.html

Would agree there is "incoming" but it appears to be bullshxt rather than a placing.

samara, thanks, found it in the WORKING CAPITAL paragraph of the last RNS,
Quote:
Echo's high level of investment in the previous period has built-up a VAT and retention tax balance of US $4.1 million. At the end of 2019 legislation was enacted which enables Echo to submit a claim for VAT balances that are more than six months old. The trade payables value at year end recognises Echo's share of payables for both Argentine joint ventures of US $4.9 million.

Added to monies received from sale of oil and gas (lets hope for cool Argentine winter) cash looks pretty healthy to me.

ECHO have advised us they have agreed new VAT terms and a figure of 4 million dollar refund has been mentioned, can anyone confirm this amount and ifso do we know when it will be paid to ECHO, this seems a reasonable amount that would go someway to paying ECHOs reduced costs in the forthcoming drilling campaign, indeed 4 million there would be money left over from the drills that are planned.

If someone wants to work it out the below link might help.
https://www.investopedia.com/terms/b/barrelofoilequivalent.asp

Being a lazy person i shall just accept it quite a lot.
Not a great day but will no doubt retrace back upwards on Monday.

8th June RNS:

Echo was successfully produced from Santa Cruz Sur, at an average rate of a net 2,505 boepd. Production continued during Q1 2020 at an average net rate of 2,394 boepd.

Add to the above:
plus 4 workovers four initial opportunities (consisting of 3 well workovers to bring associated PDNP 1P reserves into production and one project targeting 2P reserves) are estimated to be capable of adding expected combined additional production of up to 4.8 MMscf/d of gas and 84 bopd (total combined additional production potential of 884 boepd.

Add to the above:
The remaining twelve workover opportunities in the initial portfolio could each be capable of increasing gross production by up to 0.6 MMscf/d and 91 bbl/d.

So the 12 workovers still to be worked on could add upto an additional 7.2 MMscf/d and 1092 bbl/d.

Looks like a pretty reasonable future to me and lets not forget our exploration opportunities, team seemed pretty excited with Campo Limite well.
(When wise man points at the stars its only fools that look at his finger)

Is it to early to predict a blue day !!

I agree Exploration is a high risk business but when you have found oil/gas and its in production you might expect some pay back by way of an increase in sp.

Given how we have increased daily production with the first 4 of the 16 workovers and the expected upside after the remaing 12 workovers are completed we should be looking at 3 or 4p sp, if the testing of Campo Limite well comes up trumps and ECHO certainly seem eager and excited about this well then who knows what that might add,

Pipped at the post by peel by the sound of it.

Would agree 100%, certainly cannot see any negatives, agree we have debts but most companies have debts, from the Q&As yesterday and recent RNS released i would have thought it obvious ECHO are again in control and headed in the right direction.

Do wonder if those 10 wells delivering 130 bbls that they shut in a month or two ago might benefit from workovers.

TruthfulOpinions, thanks for the reasoned and well thoughtout truthful opinion but being of sane mind i think i will wait this one out, been here a few years, pretty sure one more year will not hurt as much.

24th March price was 0.28p, 250% rise in couple of months or is that me being silly !!, lot more to come now the bad news is behind us and the good news to come.

From the RNS: The remaining twelve opportunities in the initial portfolio could each be capable of increasing gross production by up to 0.6 MMscf/d and 91 bbl/d.

So the 12 workovers still to be worked on might add upto an additional 7.2 MMscf/d and 1092 bbl/d.
Also interesting the oil price mentioned was US $32/bbl, ECHO are getting well above that per bbl.

Good RNS to start the week.

https://www.energyvoice.com/oilandgas/north-sea/243764/deltic-energy-formerly-cluff-eyeing-deal-opportunities-in-uk-and-dutch-north-sea/

https://www.energyvoice.com/oilandgas/north-sea/243653/cluff-and-shell-close-in-on-north-sea-drilling-but-one-prospect-delayed-to-2022/

Would agree this well is not written off and will end up being commercial, it may not be a huge contributor but it will contribute, every little counts.
Taking everything into account this has got to be a multi bagger from here, just a case of time.

Positive PR is always good and cannot hurt though i would be happy if the dealers that have been hammering at this share for the last 18 months decided to concentrate their efforts elsewhere, JBER have been mentioned several times.
Could it really be that we have turned the corner, next few months will tell.
For what its worth i to agree MH doing good job.