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ranger, i would have to disagree, ECHOs biggest ever news story was the debt for share restructure, this was when you said the share would be wothless if this went ahead, since then we have held well, now we have shed loads of extra production to come and as Bobat says we should hear about the first three wells that do not require rig intervention very soon, and lets not forget the same RNS that told us about those three wells also said the rig upgrades were completed so hopefully the rig is busy on one of the remaining 27 wells.
Tom I, yep nice rise in the October production figures but we really have to wait for the November figures to get the full picture.
By then thses three wells that do not require intervention should be back online and producing
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And remember these 30 intervention wells are being worked on ahead of the previously mentioned tier 1 doc wells.
https://www.lse.co.uk/rns/ECHO/h1-2022-production-and-operational-update-ywdr2mq3ytgnt7i.html
Extract from the above RNS is below.
The plan to bring existing wells in to production under the Enhancement Plan is in addition to, and will come ahead of, previously announced intentions regarding identified portfolios of well workover candidates in respect of Santa Cruz Sur resource/reserves not currently in production.
In other words we still have all the workovers to do after these 30 wells are brought back into production, tier 1 doc link below.
https://www.echoenergyplc.com/media/1532/2022-01-17_balanced_energy_portfolio_web.pdf
Yes i am still here and still +++++++, however if you read my previous posts i did not expect this to rocket, if you read my posts you will remember i said 2023 will be a good year but 2024 will be ECHOs year, only the naive thought this would rocket.
It certainly has not gone down to the 0.19p that you keep predicting.
Drule, What do you think all these surface works are for, more production for less expenditure is the reason, i suspect servicing the loans with the 8% interest rate also came into the equation, now the debt is half what it was and the interest rate is now 2% rather than 8%, all this equates to more profit, more profit equals money to spend on projects that add production, something we have not been in a position to do previously.
Plus the cash accruing from the increased production will mean we can afford to complete Campo Limite and bring Monte Aymond back into production, there should ne no issues with that now our debt level is halved plus the interest rate is now only 2%, waiting game now that our finances are sorted out.