Member Info for MrMarkyB

We are still waiting for news on Santa Cruz drill....testing should be complete by now.......A positive result would be great now

Partridge, if you look at what is going on around the world there are huge global issues effecting nearly any company unless you make pharmaceutical/medical equipment. It is not surprising we are struggling its all about keeping our head above water until this passes. I work in the airport industry, 90% of planes are parked up, I've had to furlough, there will be a huge glut of oil soon, we have gas which helps us out especially with winter looming in Argentina .
If you feel that bad about your investment it is best you sell your shares and move on if you do not like the risk. I guess you are at a loss like most of us, so sell and cut your losses but if you're like me with my sipp that would hit me hard. I think we all know we are close to the edge here!!
I have just checked over the RNS's and I presume we are still testing the Santa Cruz well, if it is an extended test these can take from 4-6 weeks I believe as they need to complete a lock in test ! I cannot find any wording that says we have stopped this operation but that it could be considered to save funds Any comments on that?

I do take on board what you say, E&P is high risk, just even higher risk now!
Far too many unknowns at present. You would like to think our cash burn very low now but I guess they still draw their hefty salaries, now is the time to take a cut.
They need to shut down as much as they can like most companies have had too.
I'm on furlough now, and can ride it, MH needs to do whatever it takes to keep us going.
China markets seem to be picking up as manufacturing sector on the rebound, source sky news.
All we can do is sit back and wait and see.

PS I have plenty to keep topping up my glass

We can all play this as we see fit, I presume from your statement you have sold out to save anymore loss or are you still invested? Do our partners have deep pockets, I believe he's the richest man in Argentina.
Like all businesses, mine included, batten down the hatches, ride this storm and we may be ok, too hard to say at present.
Argentina are entering winter, gas will be needed which is 70% of our revenue. Opec will have to cut production soon as world oil stores are filling up to capacity.
The airline industry are one of the biggest users of oil, fleets are grounding around the world....but we will get through this and demand will slowly return.
Will they take advantage of government loans etc...maybe they can't go for them....time will tell.
If I lose my investment yes I will be gutted but such is life, a £610 top up is nothing compared to what I would lose here to be honest, so fingers crossed echo can hold on. The next drill was planned for H2, so time on our side for now, much depends on cash burn.

Cheeky top up, 130,063 trade should show up soon, cracking price, got my average down to 2.15p in my ISA....happy days

MH needs to drop salaries immediately!!
If gas prices are continuing to rise testing on this well if gas should continue

I had the same thoughts, with remote drilling less risk unless one gets it and brings the entire crew down, much cheaper than sub sea as well. With Argentina's winter coming the demand for gas will increase. Here's is hoping we can ride this storm

There are several on here who are constantly negative, ah well let them carry on.
I'm waiting for Nyforever to start talking about whiskey........

IMO the RNS was not going to send this flying, so as per usual the MM will drive it down again, as they always do

I agree samra, I think we are in a much better position with MH at the helm rather than Fi

Good article! We need to unleash the 2P reserves

Good to see that revenues being received, production in line with expectation and that a loan arranged rather than a sudden dilution for cash flow.
Good strategy from MH.

Look at buys/sells, very similar and 10% down....crazy the drop yet again

CGC presentation Jan 2020, we are mentioned

http://cgc.energy/img_tmp/20200218124212-20.pdf

£6m mcap now......unbelievable.....

This drill is 2km from the border, the geophysics must show a trap where I guess an existing producing zone in Chile crosses to Argentina and has to be extracted there.
Not a dead cert but generally 70% would indicate drilling into producing zone

Reference from the website

https://www.echoenergyplc.com/our-portfolio/bolivia/huayco-rio-salado/

Work Programme & Partnerships
As part of the ongoing evaluation programme, Echo is currently reprocessing existing seismic across the Huayco and Rio Salado blocks with its partners.

Huayco Licence
The company has signed a binding Joint Evaluation Agreement (JEA) with Pluspetrol which positions Echo to secure an 80% operated interest in the Huayco block.

Rio Salado Licence
Echo is currently participating in a Technical Evaluation Agreement with YPFB in the Rio Salado block, which, upon completion, and subject to favourable conclusions will enable the Company to negotiate a commercial agreement with YPFB or monetise the asset.

Interesting read there, following my comments yesterday regarding presentation,

I have spotted a few things from the Q1 2020 presentation,

Echo did a presentation to YPFB on Rio Salado in Oct 2019

The JEA & TEA Term is 1 year from 12th October 2018, + 180 days, so by my calculating this expires around the 16th April 2020. I guess we could see an update on this being monetisation/exploration/extension shortly

I just hope the well tests positive and commercial or it will be a long road to H2. They seem to be dragging this campaign out in comparison to our previous which was back to back. Keep seeing comments such as increasing share holder value....hmmm has anyone seen that yet because I sure haven't! all I have seen is a depressing share price, but then that is controlled by the MM

It probably will tomorrow.....