That was the rns dated 17th March. Read today’s one........
In addition to seeking to reduce field operating costs, the Company is also focused on reducing annual capital costs and if, as anticipated, the cost reduction measures now under discussion are all put in place, the Board believes that the Santa Cruz Sur assets would be cash flow positive at prevailing global oil prices
I was supposed to be going to a corporate game at Liverpool next week but they have now suspended the league until April 3rd. Luckily I'm an Arsenal fan but always nice to be winded and dined in the corporate box.
We could do with news in about 4-6 weeks after all this blows over. Im been working in the oil industry for 12 years and never seen it like this before. everyone is panic buying and the price is as low as it was back on 2010/11.
is everyone still alive? Loos like all sport will be banned by midday today. Current sp reflecting on market turmoil. At the moment I kind of don't want any news from echo as even positive news might not help to boost the sp given the climates reaction to shares.
I would disagree with that for the time being. We are in the fourth week of well testing ( Presuming it did start in the 2nd week of feb ).
Well tests do take around 4 weeks to complete. They could also close the well to test the build up pressure aswell.
I don't think all is lost with this well as this wasn't an exploration drill either ( Gas being known at the drill location ).
Current sp reflects on global issues and not the state of echo. If you read the news you will see oil and gas prices have dropped due to the coronavirus issue we are currently dealing with along with Russia and sudia going balls deep with a price war.
Trellis is SAG really going to be able to make any difference to Sound? It would take a monumental % of the shares to action anything and I don't believe there are enough shares in issue to pi's to mount such a challenge?
The FCA will not look in to it as SOUND aren't regulated. AIM regulations will look into a complaint but will not be able to give you an outcome as it could be price sensitive as to what they find.
whilst SAG intentions are great my feeling is your giving false hope to the PI on regaining any money lost within the business.
Also any communication now is lost with the BOD because of SAG so PI'S will find it even harder to communicate with them?
One thing I cant get my head around is this statement -
we reported average net daily production of 2,481 boepd for the period 1 November 2019 and 31 January 2020
now if we break this down I have worked out on todays price of $1.80 per 5800 cubic feet which is 1 boepd. That works out to be $10.44 per barrel of gas. $52 barrel for oil ( 560 barrels taken out of the daily production of 2481boepd.
$10.44 x 1921 x 365 = $9,454,098 per annum. $52 x 560 x 365 = $10,628,800 per annum
This is only on todays price as prices have been higher.
There will be costs to come out of this but we are making nearly $20 million dollars which convers to just over £15 million. per annum.
they open up the 2p reserve and we could treble or even quadruple that figure.