Member Info for norb

If they make a provision based on "best case" I would argue they are in breach with required accounting principles.

[23 December 2022
Echo Energy............The Warrant exercise price of 0.25 pence per new Ordinary Share represents a 108% premium to the closing mid-market price per Ordinary Share on 22 December 2022...............The Warrants have been exercised by Andina Plc, an existing shareholder of the Company. On Admission, Andina Plc will be interested in a total of 135,130,876 Ordinary Shares, representing 2.43 per cent. of the Company's issued ordinary share capital on Admission.

How many shares as of today I wonder ? Quite a mess but some interesting links between Echo/Interoil/Santa Cruz/Integra Capital, and not at least Jose Luis Manzano

https://find-and-update.company-information.service.gov.uk/company/08095058/officers
https://integracapital.com/nicolas-mallo-huergo
https://integralithium.com/nicolas-mallo-huergo/
https://www.interoil.no/uploads/?page_id=13&year=2015&PressReleaseID=1827028
https://find-and-update.company-information.service.gov.uk/company/09659955/officers
https://phoenixglobalresources.com/about-us/board

Here he is. The saviour.
https://integracapital.com/jose-luis-manzano/

He/Integra has a direct interest in IOX (7%, indirectly probably more than 35%), a 23% interest in Santa Cruz (in total 30% with IOX), and he/his companies took a direct interest in ECHO in december 2022 didnt he ? He has previously made contributions in kind with questionable Argentinian assets in Interoil during the last 5-6 years. Seems like the story is ready to repeat itself.

Yes, I do.

My two cents. A merger between ECHO and divestments of IOX assets, or a dilutive contribution in kind from IOX or Jose Manzano/Integra. Both options probably planned a long time ago.

Explain what ? Their criminal activities.

The neverending story of operational problems

I read every chunk of 3-5 mill shares below 0.07 as a sign og Lombard selling directly into the hands of their affiliates. Or what ?

Whats the point ? 5.311 shares sold at 0.06725 £3.57 and 1.822 shares sold at 0.065 £1.18

60 mill shares sold at a price approx equal to 1% of MCAP. Correct ?

Perhaps the wonderboy himself Mr Jose Manzano can explain all this as he seems to have an interest in all minor and damaged oil plays in Argentina. Both in Interoil and Selva. He is the biggest kiss of death I ever seen when it comes to shareholder values. Its all about he and his own companies, and the people dancing around him.

Production report for December 2022
Oslo, 17 January 2023

+----------------+----------------------+----------------------+
| | December 2022 | November 2022 |
+----------------+-----------+----------+-----------+----------+
| Operated | Boepd (1) | Bopd (2) | Boepd (1) | Bopd (2) |
+----------------+-----------+----------+-----------+----------+
| Colombia | 811 | 549 | 923 | 580 |
+----------------+-----------+----------+-----------+----------+
| Argentina (3) | 2,235 | 422 | 2,261 | 409 |
+----------------+-----------+----------+-----------+----------+
| Total operated | 3,046 | 971 | 3,184 | 989 |
+----------------+-----------+----------+-----------+----------+
| Total equity | 690 | 384 | 764 | 402 |
+----------------+-----------+----------+-----------+----------+

(1) Barrels of oil equivalents per day (includes liquid and gas)
(2) Barrels of oil per day (represents only liquids)
(3) Operated by Selva Maria Oil on behalf of IOX until local authorities
approve operator's licence.

[boepd]: barrels of oil equivalents per day (includes liquid and gas)
[Operated]: 100% field production operated by Interoil
[Equity] : Interoil's share production net of royalties.

Comments

In December 2022, the average daily operated production from fields in Argentina
and Colombia combined decreased by 137 boepd when compared with the previous
month. November and December production has seen a reduction in output explained
by a combination of downhole lifting equipment failure and operational issues in
Argentina, especially in the Santa Cruz operation. This was related to workers
demand resulting in more than 20 days of union strike. Fortunately, union demand
was solved, and field operation is slowly returning back to normal.

In Argentina, reduced production was recorded in the Santa Cruz fields due to
gas compression units' failures. Repairs took longer than expected due to the
union strike situation. Output is now coming back to its pre-strike rate.

Thanks. No sure I will hang around anymore to find out how they will spend the funds. It seems like a waste of time. And money.

Cant remember, but did they actually receive any funding in cash based on the solar project and its presentation ?

Closely aligning interests. José Luis Manzano/Integra O&G can provide both capital and new assets either owned directly, or demerged from Phoenix. Interoil on the other hand has not much to offer except management and a role as operator.

From the RNS........"reorganisation and additionally considering means of more closely aligning the interests of the Santa Cruz sur partners........" Not sure how to read, or how much to put into this, but kind of interesting. Change in ownership of the JV ?

No news even at the last trading day of April ? So spot pricing it is then ? Nah, too risky to go ahead without any hedging ?

https://www.bnamericas.com/en/news/minister-molina-we-got-the-best-price-in-history-for-the-sale-of-gas-to-argentina

"In this regard, the president of the Bolivian Fiscal Oilfields (YPFB), Armin Dorgathen, explained that this new agreement divides the sale price of gas to Argentina in two: a first price between $us8 and $us9 per MMmc, which is the cost established in the current contract to deliver up to 10 MMmcd on a regular basis; and another price of approximately $us20 for each additional MMmc sent during the winter"

Price (contract) is not expected to increase above USD 3,8/MMBtu at any time during the next 5 years according to the ASR from Interoil. Supporting letter from SGS (the appraiser) is dated April 14th. Just a conservative assumption, or based on input from new contract(s) commencing May 1st ?