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This placing stuff's the usual rubbish from someone just jumping in here
Read the 6th March RNS:
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 February 2020 the Company had unaudited cash balances of approximately US$1.4 million and expects to receive, in line with its normal payment terms, additional revenues from both the second February cargo and ongoing gas sales before the end of March 2020. The Company also currently intends for a further oil cargo to be lifted during March.
The implementation of this facility is a proactive step intended to provide the Company with access to additional working capital in the short term, if required, including in the event of a continued decline in oil demand driven by recent global events and any, as of yet unforeseen, local impacts.
Extension of Existing Loan
The Company also announces that it has agreed a two-year extension of the Loan.
The interest rate of the Loan, which was previously due for repayment on 9 March 2020, remains unchanged. The Company has agreed that the extended Loan will now be repayable as follows: (a) £100,000 on 30 November 2020; (b) four quarterly instalments of £50,000 on the last business day of the relevant month commencing in March 2021; and (c) the balance of £700,000 on 8 March 2022.
23m traded in an hour and a half, mms will be holding a lot and will churn this so they make a lot of the spread at this volume, might let it go in the afternoon, probably not though in case of a friday RNS that gives them a spike to make money off
15:34:00 +01:00: Argentina Market Update
RNS Number : 3878N
Echo Energy PLC
19 May 2020
19 May 2020
Echo Energy plc
("Echo" or "the Company")
Argentina Market Update
Echo Energy, the Latin American focused upstream oil and gas company, provides an update on local oil prices in Argentina, following a government decree that was signed and published on the evening of 19 May 2020.
In order to support and promote the local hydrocarbon industry, the government of Argentina signed and published a decree (the "Decree") to, amongst other matters, set a fixed reference price of US$45 per barrel for Argentine standard Neuquén Medanito crude subject to standard local quality discounts. This is significantly above current international prices and provides potential support for local producers such as Echo to increase cash flows in the current climate.
The legislation is effective immediately and will last until the earliest of either 31 December 2020, or until such point ICE Brent exceeds a price of US$45 per barrel for more than 10 consecutive days. This price is subject to periodic review. Furthermore, mandatory requirements have been set, subject to demand, for refiners to pay producers on a fixed price basis and refiners are prohibited from importing crude oil from abroad, providing that certain terms and conditions are met which include supporting local demand.
In light of these positive events, the Company is currently assessing the effect of the Decree upon its Santa Cruz Sur assets, including the prospect of increasing oil production.
Further announcements will be made, as appropriate in due course.
Given the months of political uncertainty after the elections in October I wouldn't be surprised if there's some provision for force majeure in the agreement that might buy us more time than until April
In Bolivia
http://www.laprensa.com.bo/economia/20200302/ypfb-y-operadoras-invertiran-us-452-mm-en-19-pozos-exploratorios
Shell Jaguar X6 well going to be sidetracked according to this
The budget allocated by Bolivian Fiscal Oil Fields (YPFB) and the operating companies to explore hydrocarbons in the 2020 management amounts to 452 million dollars, amount with which they will begin and continue work in 19 exploratory wells. The budget exceeds $ 2 million to the one established in 2019 for the same purpose.
According to the public accountability report of the Ministry of Hydrocarbons, the budget for the hydrocarbons sector amounts to 1,207 million dollars, of which 37 percent - equivalent to 452 million dollars - will be allocated to exploratory activity.
The report indicates that the drilling of seven wells will begin: Villamontes X7, Itacaray X1, Opabusu X1, Shipyard X1, Deep Margarita X1001, Bear Dome X3 and Mayaya Centro X1, although the latter is subject to analysis.
It is also planned to complete the drilling of twelve other wells: Sipotindi X1 Side Track, Yaará X1, Gomero X1, Aguaragüe Centro X1, San Miguel X2 Side Track, Rio Grande 100 Directed, Rio Grande X72 Re Entry, Jaguar X6 Side Track 2 , Ñancahuazu X1 Side Track, Boicobo Sur X1, Caranda X1005 Side Track 2 and Palmar X18.
The 19 exploratory wells mentioned are in charge of YPFB Headquarters; the subsidiaries YPFB Chaco and YPFB Andina, and the operators Shell, Total E&P, Repsol, Petrobras and GTLI. Of the 452 million dollars budgeted for exploration work, YPFB Headquarters plans to invest 161.26 million; subsidiaries and subsidiaries, 114.71 million, and operators, 175.62 million.
On February 11, the president of YPFB, Herland Soliz, informed that he held meetings with the operating companies with which they work on a plan that allows improving conditions for firms and for the country.
"Exploration is vital for YPFB because, the more we explore and find natural gas and reservoirs, obviously we will have more reserves, which is what is needed," he said.
Soliz also announced that in the coming months the Ministry of Hydrocarbons plans to take out a new incentive law that grants benefits and not damages to autonomous territorial entities.
According to economist Luis Fernando GarcÃa, investments in exploration are important for the country, otherwise it can increase the fall in gas reserves and generate problems, including internal supply.
He said there is a lag in production due to reduced investments in the Evo Morales government, as the country went from producing 59 MMm3d of gas in 2014 to 4