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RNS
" Echo Energy, the Latin American focused upstream oil and gas company, announces, further to the Company's announcement of 1 April 2020, that following constructive discussions with certain holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") it has today published its proposals (the "Proposals") in respect of a restructuring of the Notes and that a meeting of the holders of the Notes (the "Noteholders") has now been convened to consider the Proposals for 10:00 a.m. on 1 May 2020 (the "Noteholder Meeting")."
The MCAP is so crazy once debt is structured, even at 3 P, it's only 21 Mil. or so.The situation gives Martin an opportunity to prove him self that he can lead the company successfully and build investor trust eventually.
Tapi Aki East is not also written off. It's a tight gas find pending further work. It hasn't been abandoned but shut for pressure build up. Surely value here is more than 5 Million. may 1st is the big day. Once that's out of the way, providing there are no stocks with a comparative better chance of surviving the COVID storm, interest should build nicely here.
Lots to play for.
Those of you buying now even at 2 p, you will make a healthy profit. I feel like this is the only one which has a better prospect compared to CORO or even SOU short term. Possible 3 high impact drills at Tapi Aki and result pending for Palermo Aki , which looks positive so far touted as "part of the 2020 growth strategy " for the company. We will get there in the next couple of weeks hopefully, provided debtors agree on the plan. The first week of May will be a very big week for ECHO.
That what I think also regarding campo limite. The clue is in the RNS
" The Company looks forward to resuming the exploration well test when conditions allow and reiterates that this project remains a priority 2020 growth project for the Company and its partners."
Looks like minimum sale price in Argentina will be set at $45 till December. Will be a fantastic news for ECHO if we qualify. ECHO may reopen the closed oil wells faster than we thought.
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/042020-argentina-eyes-45b-minimum-crude-to-sustain-production-draft-proposal
That what I think also regarding campo limite. The clue is in the RNS
" The Company looks forward to resuming the exploration well test when conditions allow and reiterates that this project remains a priority 2020 growth project for the Company and its partners."
Better News. Keep as going through the tough trading conditions. Helps ECHO survive the storm. Hopefully the final debt restructuring will be agreed in May. That will give ECHO another 24 months to find something worthy from the ground. In the meantime, it looks like we have a positive cash flow business now. We need to hold on to drill the promising western Tapi Aki block. It's better that we are producing unlike other junior Oil companies. I am not sure if I ever will see my 12p back, but for most of you who bought at these prices even 5 Pence gives you a multi-bag opportunity. They only need one of the 3 Tapi Aki drills to come good.
I made a decision to invest at 12 p at the time, so I will not complain or try to deramp like some here as I won't achieve anything for anyone. Those of you who bought like me for over 10 pence, hang in in there as there is no point in selling. But other who are buying with the current sort of price, you will have a fantastic return in my opinion provided ECHO survives the current challenge. It looks like the management team is on top of it. AIMO
2400 Brls per day is very big for a company with £6 milion MCAP. Our peers with similar production have a MCAP of 30-40 Million. It's the reputation of some of our directors haunting us. And failures from past drills, we need a successful drill to bring back confidence and I believe the next well will come good.
Risk mitigated by the short term loan facility per RNS last week. Great move from MH. Waiting for the Well at Palermo Aki results. Perhaps early indications are good, hence no drop to the share price.
If it comes good, it can easily tied back with the existing pipeline in the area according to ECHO.
I agree. I don't know why people argue so negatively about the share they put their money into.
This is a positive news for us. I think it will only get better. It shows that we can at least negotiate a loan in favorable terms and our CEO who is actually trying to create some value to the share holders unlike the previous one we had.
There will be additional payments to be received though.
As at 29 February, the company said it had unaudited cash balances of around $1.4m and expected to receive, in line with its normal payment terms, additional revenues from both the second February cargo and ongoing gas sales before the end of March.
"The company also currently intends for a further oil cargo to be lifted during March."
Yes I think so. Very small loan facility arranged looks like MH is bridging a gap. I think this will have a remarkable turnaround at last. Palermo Aki is has a high prospect according to CGC January 2020 presentation. There is actually a slide on this.
Anyway the worst that can happen now is share price down to 0.5P, 3 Million MCAp. We have lost most of our invt here already. Whatever happens now doesn't make any difference. A company with 2500boepd and close to $20 Million gross revenyue with a MCAP of 6M. Joke.
None of the institutions selling. Not sure what has been going on.