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Would agree MH has made the best he can out of the bad situation he inherited, i also think the fact we can afford not to sell all the oil in storage bodes well as does the fact MH thinks we can afford to shut down producing wells, agreed we are not cash rich but quite obviously we are not yet at the stage we need to sell at a pittance.

partridge, thanks for the link, i guess this confirms what we all suspected that its hardly worth pulling the oil out of the ground, it certainly confirms the ECHO RNS from a few weeks ago, i guess the only upside being is all producers are in the same situation.
Lets hope the announced decrease in oil production can boost the price a little.

OilTrader, i tend to agree, ECHO are in no different position than most companies in as much as they have borrowed money, agreed they have defaulted on a loan but money man MH is trying to rectify this and given his background i am confident he will succeed.
On another point is anyone else having issues with the posts on this site, it appears not all posts are viewable but if i toggle between message and thread view or change browsers these missing posts are displayed.

Gut feeling there may be another RNS very soon and it may have some good news, lets wait see.

Lets hope we wake up one day soon to find they continued testing and have something positive to say, about time for some good news.

From 17th March RNS "Such actions could include a delay in the ongoing activities relating to the testing of the Campo Limite (CLix-1001) well at Palermo Aike".
Question is have they or have they not continued with the testing ?.

Agreed it not a great position to be in but its better than giving up and offers hope that ECHO can drill their way out of this mess.

It's the investors that are depressed.

07:00:00 +00:00: Operational and Corporate Update

RNS Number : 2126F
Echo Energy PLC
06 March 2020


6 March 2020



Echo Energy plc

("Echo" or "the Company")



Operational and Corporate Update



Echo Energy, the Latin American focused upstream oil and gas company, provides an update on production and operations following the Company's recent acquisition of a 70% non-operated working interest in the Santa Cruz Sur assets, onshore Argentina. The Company also announces a two-year extension to the Company's existing £1.0 million loan originally provided to the Company in March 2017 and now held by Spartan Class O (the "Lender"), a sub-fund of Spartan Fund Limited SAC (the "Loan").



Production and Operational Update



Average net daily production from Santa Cruz Sur during February 2020 was 2,410 boepd (including 561 bbls of oil and condensate per day and 11.1 mmscf of gas per day).



Production over the period from 1 November 2019 to 29 February 2020 reached an aggregate of 298,140 boe net to Echo (including 67,823 bbls of oil and condensate and 1,382 mmscf of gas). During the period an aggregate net 215 mmscf of gas was utilised in the field for fuel and power.



During February 2020 two cargoes of oil and condensate were sold, including the cargo previously announced as in progress at the time of the Company's 5 February 2020 announcement, with cumulative sales of 33,424 bbls net to Echo, with an average sales price (including where applicable VAT recovery) of US$ 47.90 per boe, a premium to the currently prevailing local market price at the time of this announcement.



The Company confirms receipt of full payment for the cargo lifted on 5 February with payment for the second cargo expected, as per normal payment terms, in the second half of March.



Delivery of produced gas to customers has continued without interruption, at an average realised price, reflective of the current season (including where applicable VAT recovery), of US$2.72 per mmbtu (prices ranging from US$1.5 to US$5.1 per mmbtu during the period). As demonstrated by the c. 19% increase in average gas price achieved during February 2020 when compared to the average price of US$2.21 per mmbtu achieved by the Company between 1 November 2019 and 31 January 2020, Argentinian summer gas prices are at a discount to annual averages and the Company expects to achieve higher realised prices moving into the autumn and winter months versus the summer months now behind us.



Whilst the Company's production in Argentina has continued in line with the Board's expectations since the time of the Santa Cruz Sur acquisition, and in light of the recent movements in oil prices and the potential for ongoing volatility in the short term, the Company intends to put in place an additional unsecured standby credit facility, initially of £0.4m and up to £1.0m, with an interest rate broadly in line with the Loan.



As at 29 Feb

Yep, bit like quick sand, more you wriggle deeper you go.

Certainly nice thoughts but starting to feel there will be no fairy tail ending here, that said, who knows.

10p, you and me both plus many more.

Let's hope TA has some potential and let's hope echo can find it.

Agreed results are the key but I considered the last RNs to be at least a quarter turn of the key, it seems the sp increases but falls back the day after good news.

Plenty interest just no faith, might change, might not.

WT, when you say "Conversely, if the "Veritable Shedful" is discovered, i assume you mean transformational forr ECHO, we have heard this before.

https://www.energyvoice.com/oilandgas/204978/four-petrofac-executives-named-in-bribery-case/

GAS
The truth about Boyuy and the finding of the Huamampampa Kïpe
The author points out that it is not true that the State must pay 138 million dollars to Repsol for the investment it made;
the statement, he says, shows ignorance of the sector.
The truth about Boyuy and the finding of the Huamampampa Kïpe Photo: File APG
IDEAS
06/02/2019 · 00:00
Romina Argote Communicator of the Ministry of Hydrocarbons

The success achieved with the drilling of the Boyuy X2 well, at a depth of 7,963 meters, is not only highlighted by the national government, but was the subject of analysis in the Congress of the American Association of Petroleum Geologists (AAPG acronym in English), where the discovery of rich gas and the breaking of paradigms in exploration were highlighted, allowing the discovery of the Huamampampa Kïpe (deep) formation.

When the minister uses the expression "sea of ??gas", it refers to the gas stored in the formation discovered. In this regard, in the Congress of the AAPG, the exploration manager for the Americas of Repsol, Tomás Zapata, said about Boyuy X2: "We treat this well as an offshore well, because that is the deepest wells It worked very well, it saved us a lot of time. The oil system is there, the gas reservoir is there, now it has to be produced.

In relation to the composition of the gas we find practically the same gas from Margarita, of course, because it is deeper, it has a little less gasoline, but it has more ethane and LPG, which is very good, because it is a rich gas and that helps us to continue, you will not find a dry gas in this structure ... With the Boyuy-X2 well we have broken the 7,000 meter barrier, we verify that this play exists and that it can be operatively done, so the technical barrier has been broken".

For his part, Roberto Hernández, president of Geomapsa, and president of Late Andes SA, said: "This discovery confirmed an active oil system and discovered an accumulation of rich gas, at unthinkable and unreachable depths in the past. This fact has broken paradigms that in the past underestimated the exploration of deep reservoirs, this allows to expand the exploratory horizons. The discovery of the Boyuy-X2 well could represent thousands of meters of vertical distance in which different reservoirs of sandstone with hydrocarbons could be found from the north of Huacaya to the north of Argentina. This encouraging perspective allows us to continue exploring deep levels, it was thought that at 7,693 meters the gas could not arise, however, the gas arose, and with liquids, not as dry gas ".

Also, Pagina Siete mentions that "Repsol wanted to suspend the drilling when it reached 4,000 or 5,000 meters deep." The newspaper should verify the information given by its sources, because this assertion is not true, since it was Repsol through notes sent to YPFB who requested the deepening of the well.

Regarding the recoverable costs and the investment made in the Boyuy X2 well, the newspaper sta

Worth the effort to translate.

https://www.paginasiete.bo/ideas/2019/6/2/la-verdad-sobre-boyuy-el-hallazgo-del-huamampampa-kpe-219658.html

In recent days i posted three links to various dated articles, summarized these articles state Boyuy X2 has not been the success we or Repsol wanted however it should be noted there are two other wells in the same area (Carapari) that are producing commercially, Repsol have stated there is gas present but getting it to flow to the surface commercially is the problem, so in my opinion all is not lost in Bolivia, Repsol are still working at X2 in an attemp-t to bring the gas to surface.
As for ECHO and given the restructuring detailed in the last RNS we have 4 fully funded wells to look forward to in TA.
Reasonably confident that at least one of these TA drills will return value to the SP, certainly feel happier & more confident now than pre the restructuring RNS.
Good luck to all holders,