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Think we will see 50 million shares sold from LO on the next RNS ,won't last for ever through might take a good few months ,hopefully we can keep slowly rising from these lows , hopefully some news soon aswell,I've been adding recently to down average , hopefully will work bout for me going forward.
From our last update
Reduction in Joint Venture Creditor Balances
The Company reported total creditors of approximately US$19.5 million in its unaudited Interim Results announced on 30 September 2022. Of this total, approximately US$11.5 million related to the Company's joint venture in Argentina (net to Echo), which has since been estimated to have reduced to approximately US$9.3 million (unaudited) as at 31 December 2022 using the official ARS$ to US$ exchange rate of 177. This estimated creditor amount when calculated using the current ARS$ to US$ international market exchange rate (blue chip swap) of 368, is US$4.5 million (unaudited). This reduction is due to a combination of creditor negotiations, positive business developments, favourable exchange rate movements and the repayment of creditors from production cash flows.
The Company continues to focus on successfully reducing its creditor balances in a controlled manner, whilst also pursuing the strategic objective of investing in order to further increase production and asset value at Santa Cruz Sur.
The Company's unaudited cash balance as at 2 January 2023 was US$1.1 million.
Paid back $2.2 million in 3 months, possibly in 12 months most of the debt will be paid off fingers crossed ??
I'll keep adding ??
When I said I hadn't been in long ,I meant from work lol,it's been a long day
Been invested in echo for 4 plus years
Not been in long nice rise today long over due tbh been adding when I can ,I'm still down a far bit tbh but this can move quick tbh, possibly a bid for the company ? At these low prices who knows ,or shorters closing there positions ?
26 million shares invested keep the faith I've been saying this for 4 years hopefully will come good for the long term holders good luck all
Both lol ?? everyone to there own I have deep pockets lol he hopefully will come good ??
Added 4 million
The share price is really unbelievable at the moment going to have to average down again I'll grab another 5 million at this price ,got a feeling we are been pushed down for a take over at these prices
Added another 6 million this afternoon last top for me down averaged, hopefully this is the bottom.
Good interview ,to be honest you are correct we do need a better platform for interviews ,the company is looking in a better state at present just need to the bod to purchase some shares at these low prices ,we need lombard to stop selling aswell
Excellent news @Echo energy mew gas contracts signed for 2023-2024
The Contracts have an initial term of 12 months, with gas sales under the Contracts beginning in May 2023. The Contracts provide gross 6.8 MMscf/d of committed production (4.8 MMscf/d net to Echo) at an increased average price of US$4.48 per Mmbtu for the 2023-2024 period (compared with US$4.33 per Mmbtu for the previous period). In addition, an upfront gross cash payment of US$1 million (US$0.7 million, net to Echo) will immediately be paid and applied towards the working capital of the Santa Cruz joint venture.
Creditors debt reduced $2.2 million since September 2022
Cash balance $1.1 +0.7 -$1.8 million
Martin Hull, Chief Executive of Echo, commented: "We are very pleased to see our financial and commercial positions continuing to improve and provide firmer foundations for our growth strategy, as we look to increase production and revenues across our asset base. These enhanced gas sales contracts will contribute to that process while the decrease in our joint venture creditors contributes to a stronger financial footing for Echo as we grow the business."
Echo has a tough few years looks like the turn around is beginning ??
What I find strange in this group is why people post when not holding shares in the company,and attack people who do owns shares I'm sat on a very large loss at the moment and it's a bit depressing to see the share price down considerably every day,and loosing thousands every day not sold a share in echo for 4 years and down averaged through out the years own over 12 million shares currently ,don't really want to sell at this price tbh ,and I agree the bod should be buying shares at this level I've emailed many times and have replies,but no replies in the last month ,tbh it wouldn't surprise me that Echo got took over ,but not at the currant price, might be the best case for us long suffering share holders.
I'll try to keep the faith
Regards
Pete
Let's hope so Abzzba fingers crossed
I'm expecting figures tomorrow from Interoil this will give us a good guide going forward please link below for Interoil.
https://www.interoil.no/?page_id=13&year=2022
Totally agree it's been a long 5 years
Very true
Your money your choice, I'm currently down 20% averaged down during the year, currently have 5.5 million shares echo time will come keep the faith when this share moves it moves fast its my retirement fund
https://twitter.com/echoenergyplc/status/1438066143068135425?s=20