Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I did also point out that echo need to pull there finger out and time with the team needs to happen sooner rather than later. I was told this would be mentioned and to see if it could be arranged.
Overall I too thik LO are selling to make way for the new investor ( maybe there request)
Lets see how this plays out over the next few weeks. persoanlly coming in to there winter we could see an uplift in results so maybe back up to 0.06 - .010 range on the cards?
Ok so i have made some calls and found out the following. I wasnt privy to any market senstive data although i did try to dig.
There is money in Argentina for echo but the exchange rate to the plc company is the reason for the lack of money over here.
The echange rate is at 100% so killing it for us at the moment. I asked the question is Echo's future bleak or are they able to continue, i was told they will be able to continue in its current state as the asset is producing and can produce well.
Regarding the "investor" i couldnt get much info but what i have been told is the asset is also in argentina ( think we all knew that) talks are ongoing and if a deal is agreed it will be concluded this year.
Regarding costs, this was explained that revenue against costs in argentina and against the exchnage rate is the reason for the dip. If prodcution remained on course this quater there wouldnt have been an isuse.
Regarding interol's statment about strikes and echos about prodcution that is something that will be looked at. it was agreed this doesnt add up as both rns should have the same information regarding this asset.
so what i gather is echo will continue as a going concern and this investor could inject the money needed to get echo on the next step.
might be worth holding a little longer to see how this plays out. watch this space is al i can say.
Im not sure of it either, It just seems very odd that we were looking in a healthy position last quater and now we are in a very serious position.
It seems to me no one on the board have an idea whats going on or they have hired the wrong people in argentina to run the business for us.
Either way this shows a complete lack of compliance.
I have offered several times to come on board as i work in oil but they never looked at it. I generally thought with my experience I would have been able to offer some assitance.
Like i said our only hope is this investor comes on board and saves us.... reminds me of the IRG days again.
Persoanly i dont see this company going under, why they have an asset that is worth millions in the grand scheme of things so would be worth something to the right investor.
Echo in my view should be valued around 20-25 million if the debt wasnt there. they increase production and they posotion would look more favourbale.
To be fair i did email Martin adn James and gave them my true thoughts about the pair. I think any relatiosnhip i had with time has now gone out of the window.
If the rns is true then our only hope is this investor buys in, we get a spike and then its time to sell up and move on.
I did do a stupid thing and average down..... i know i said i wouldnt but if this investor does come on board we will get a spike , the hype will get us there. Still looking to sell out at a loss but hopefully not a bigger loss as beofre now.
What i find baffling is the previous Q4 2022 update which showed progressed made. How have we gone from a good update to yesteedays ****e?
Operational Update
During Q4 2022, daily operations in the field at Santa Cruz Sur continued to deliver produced gas and liquids to key industrial customers and total 2022 cumulative production from Santa Cruz Sur, net to Echo's 70% interest, reached an aggregate of 532,302 boe (including 101,574 bbls of oil and condensate and 2,584 MMscf of gas).
During Q4 2022, net liquids production averaged 298 boepd whilst net gas production averaged 7.3 MMscf/d. Net daily production averaged 1,522 boepd during the quarter. The combined Q4 2022 oil and gas production levels were the highest quarterly levels achieved in 2022 and reflect the measures undertaken under the Company's Production and Infrastructure Enhancement Plan (the "Plan") to improve infrastructure. Liquids production during Q4 2022 was the ninth continuous quarter of production growth, and a 12% production increase over Q1 2022. Average liquids production over the course of 2022 was 278 bbls per day, 25% higher than that in the previous year.
As previously announced on 10 November 2002, the scheduling of activities under the Plan is currently being optimised from cash flow at the asset level in order to maximise the benefit of funds available. Given the success of the Plan to date, the Company is also looking at options to increase working capital availability which can be used for the benefit of accelerating production increases in early 2023 under the Plan. These production increases target the reactivation of a total of approximately 30 or more wells in Santa Cruz Sur which, when combined with the infrastructure upgrades under the Plan, could result in further increases to net production.
The Company looks forward to updating shareholders on further progress on production growth under the Plan.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
"I am pleased to report that we continue to make progress with our Plan. This is a strong set of quarterly production results, with liquids production showing a ninth continuous quarterly increase. This production growth is a direct result of the infrastructure investments that we made under the Plan during 2022. We remain committed to delivering on our strategy to grow production and are looking at working capital options that can build on the initial success of the programme and accelerate production growth from Santa Cruz Sur. I look forward to reporting further progress that will deliver value to our shareholders."
i would need to rise alot higher to clear my mortgage . Im hoping the next bull run in crytpo will cover that. i was tempted to buy a load more to get my average down but i might aswell take that money and flush it down the toilet.
Lombard are slowly reducing there holding
from Dec they have shifted around 200 million shares from 1.2 billion to 1 billion. If they keep the trend of 50 million a month they would have shifted a further 450 million by year end, incredible numbers....
to be fair ive writtien this share off. if by some mircale we get to 0.40 then I will look to sell the lot at a loss and move on.
realaiticly with 5 billion shares in the system its going to take a lot to get this moving past a penny.
we need some news soon, this is getting beyond a joke now.
A production update with the wells or workover news would be helpful.
Im glad i invested in crypto as im not doing too bad over there on bitcoin at the moment. It makes a change seeing profit as opposed to losses on here.
absolute mess of a share. I did tell you this will go to 0.06 the same as IRG was befroe echo took over. March is when it all changed.. im hoping histroy will repeat itself.
on another note lettace is still holding out, starting to turn but im hoping it will last before the next RNS
im thinking of buying a lettace. I want to see if it can out live the rns reagrding the infor about these three wells lol.
Funny enoughti did get a repsosne back from James after my rant email. nothing really to add apart from there working hard....