So on the 6th Jan RNS we were informed that the hydraulic stimulation would take 4 weeks in total. The RNS dated 21st Nov stated stimulation and testing would take 5-6 weeks, we have entered the start of week 6 today so we can make a reasonable assumption we are now in the test phase, gas to surface!! I did like the comment in the last RNS that the company looks forward to updating shareholders in due course......fingers crossed
I agree, we are now passed the fracking deadline, It's my guess that they have gas to surface and are now in a testing phase, this could take several weeks from recollection of the first drill last year. They must get accurate data of volumes as this will be the bases of any future LE.
Investors are still very cautious here, can't blame them with the JP effect! The wording in the RNS " The company looks forward to updating shareholders......" to me that indicates positive news as you don't look forward to bad news!! could be a play on words....but will haunt them like "Transformational" if it is bad!!!
WT I agree, I cannot understand why this data is not made available to investors, very strange, like I said the drill plan posters were very informative. I've just had a look at the poster for EMS x 1001, I took photos, to list some of the data on the map,
Plenty of data and images, and that was on older 3D, we have just shot brand spanking new seismic, so they should have similar if not better data and we have not had the opportunity to see it, but I bet the II have! and like I have said they are still holding 1/3rd of the shares. Very disappointing really Why was it available previously and not now. I did email Sarah today regarding an update on schedule for this year and next 'Time With the Team' but no reply so far!! We will have to sit back and wait
The PA drill is I believe 2km from the Chilean border, with producing wells close by. The target is up-dip of a previously producing zone, so the gas may well have migrated and waiting to be tapped into, the reason it was stated 60-70% chance of success, I believe this is not classed as pure exploration for these facts. But the data has been very limited from echo as compared to last year if you went to the investor events with detailed posters of well plans. Considering the Gafney Cline report was on 2D data and that we have now had the latest 3D seismic shot and processed you would like to think we would have a much more accurate amount of data and estimates, but this has not been released at all. Why not? I have just checked the AIM Rule 26 on the echo website and the 3%+ holders, 34.34% is owned by II, we don't see them panic selling and I guess they are kept much more in the loop than we are. That gives me some confidence.
So what will February bring us news wise, lets speculate
Update on TA 1 drill, completion of hydraulic stimulation, fingers crossed gas to surface then move to test phase. Update on Santa cruz, completion, perforation, fingers crossed gas to surface Details on TA 2 drill on Western Cube
Could we also hear details on planned Work overs on Santa Cruz asset. Bolivia still on the back burner and no update on monetisation of this asset to date.
My interest stems from being a Mechanical Engineer, and so the technical aspects of exploration interests me. The thing is what actual proof is there that drilling is taking place? No site visits this time, and in the previous drilling campaign there was meant to be a site visit but they couldn’t go and went to another drill CGC were involved with! Would it not be nice to see Julian on site with a hard hat representing ECHO! We could be investing in thin air! Lol GLA
Although the internet site looks very good like WT states it lacks considerable detail. With all the drills etc we have conducted we have yet to see much visual evidence ie photos, web cams. I asked a long time ago and was not answered. I think we will get told very little from now on, just RNS's as detailed as they want. What I find strange is that with the original asset with cgc we had 25+ WO planned, an operations manager who soon disappeared when things went sour. That all came to an end, MH restructured and then the Santa Cruz asset which in my view quite similar with WO planned (although we had other commitments on prior field.) I was going to suggest a time with the team again, but we really don't get anything extra out of them. No investor events this time showing all the drill plans......to be honest its very bland. Am I confident....sitting on the fence but hopeful.
We are in the fall-out from last year and the JP cloud from sou. Many got severely burnt, my sipp here is down 80% which I invested on detail that was in RNS's #transformational. So I cannot blame caution. But it is disappointing how low we are considering operations are on going on these two drills, with 3 drills looming, production and work-overs imminent. On reflection until we have an RNS with tangible detail attributing financial reward we will hover!! GLA
WT We can all read/interpret things differently, but these RNS's can be a mystery to read, they bounce around and not consistent in form. It would be so much easier to have a chart/form which would be easier to decipher but that will never happen, it would be too easy, perhaps echo could have a chart on their website, all 5 wells (in columns), with a column on the left listing every stage (applicable or not) in order, tick boxes, data boxes etc . Ideally a Gantt Chart, as this is a project! On that note I've studied Project Management at Post Graduate Level and today received my MEng certificate from the OU.