Member Info for somm

KK, they A8 flowed 1,500 bopd for 7 hours in an RNS and in the latest Op's RNS they say:

''However, we are first clearing a large quantity of dust from the well before drilling recommences to check for oil flows at the current 4,500 meter depth.''

So surly it flowed oil else they wouldn't flow test it...…..and rinse and repeat.

It's had acid added - not sure if it's been fracked again though seem to remember a mention somewhere of it going to be fracked before drilling to 5,300m.

Anyway let's see.

KK,

Remember the A8 Well flowed 1,500 bopd before becoming blocked, news on this flowing again at 4,500m and could see a jump in the share price.

''Deep Well A8
Following acid treatment the well flowed for approximately seven hours, producing at the rate of approximately 1,500 bopd. The flow ended with the well becoming blocked with excess drilling fluid originally introduced during the drilling phase''.

If this well flows at 4,500m before heading to the Devonian reservoir at 5,300m TD along with the 153 Horizontal Well in the next week(s) 3p will be history.
I didn't want to take the chance on waiting for a further dip with the A8 well potentially flowing again at 4,500m next week or so, the wells been being cleared of dust for 2 weeks now so...…….

I'll be happy with 9p by YE.

KK,

The danger of waiting for a dip below 3p (which I have been doing - share price has flatlined for the past 2 weeks around 3p-3.3p.) is news could be out Monday/ next week re the dust having been removed from the A8 well at 4,500m (RNS 6TH August) and oil is flowing.

We have a couple of week to find out if the 153 Well flows (I'm pretty optimistic about this well flowing), though news could be out before next weekend?

I doubt we'll see the share price being able to be bought at 2.5p and I'm confident we're at the bottom around the 3p mark, feels about right.

All other news aside these two drilling updates should push the share price higher, I reckon 4p+ on the back of these well updates and positive news will bring in new investors scrambling to buy in.

So 3p may not be so bad a buy?

There's no bell to say here's the share price high and low and it's near impossible to time the market, but we can only try.

GL

Divermike,

Bought topped up with over 500K shares this week between 3.10p - 3.20p. I'm aiming for 10m shares and averaging 2.7p.

10p would be nice, but as KK's link shows a potential 20p-30p+ would be a real life changer.

Just hope I'm still alive to see it :- )

Just noticed these 195K shares are showing as a sell, they should show as a buy.

KK, agreed.

@ 2p-3p these will have been a steal in 6-12 months time and have topped up 195k shares - looking for a 3 bagger by year end with license news due/ shallows- deeps and hopefully A3B comes in with a sale next year to boot.

Got to be in it to win it...…..

Now the 19m+ shares have been added to the shares in issue pot, taking a tad off the Ask, I reckon we're around the bottom buy in price of 3.2p so finally topped up again (£10K) though was hoping for a bit more of a drop tbh.

Anyway with 154 well and A8 Deep well news out this month should see an upswing - could even flow at 4,500m with the dust removed month end.

Too much going on here...…………. :- )

The way I see it is the market is expecting 20% of the share capital being converted into shares over the next 12 months (quarterly issues to cover the interest) plus if Resolution 2 is passed then we'd see enough shares added to push the shares in issue pot to over 2 billion shares, combine this with no update and IMO this is why there's a PI sell off.

RNS re Operational Update would help the share price before AGM, but this could push the share price up and give them less shares for future issuances...……..they'll want as many shares as possible to be held.

Until both resolutions have been voted on the share price will dip imo, resolution 2 is the unknown i.e. how many shares will they need at 0.55p? to cover new operations/ acquisitions - be more now the share price has dropped I would have thought?

Finally added!

Grill79,

The interest on €20M and €5M is 8% p.a. (About £425K per quarter, which is approx. 70 million new shares per quarter @ .0060p to noteholders - increasing/decreasing each quarter as the share price rises/ falls, hopefully it rises and less share are issued each quarter.

So they'd be looking at 100M - 300M shares from Sept to Sept re Resolution 1. (20% share capital).

Resolution 2). Would give them additional shares for A&G/ acquisitions etc..

Could someone remind me how many shares that would be? Combined with the above shares I'd guess we'd have over 2 billion shares in issue, and probably more share issues down the line leading to a potential share consolidation - how many Companies have we seen this happen to?

I don't fancy more shares being issued to finance a Bolivia project until we've completed MA pipeline/ MA-CL hub etc.. debt paid off.

Apologies to LINS for getting a bit heated earlier.

You state.

''I had a very good conversation with Martin last week and we covered all these points in our meeting''.

Meeting? you mean phone call.

So you're telling me you discussed paying off the interest payments early with MH before yesterdays RNS? - No you did not!

Did you know he wants the bulk of the 20% to pay off interest payments years earlier than required or we would lose, cough! our assets? No you did not.

So please wind your neck in and try and understand what's going on - the Company do not have to pay back any interest payment for another 3 years!

Having shares held is fine, but not 20% worth of a poxy market cap and most definitely not to pay off any interest payments 3 years before having to.

I don't know what planet your on, but on this planet I'll be voting no on any needless dilution.

Continued...…...

''As a result of Noteholder approval of the Proposals, the previously announced conditional restructuring of the Company's EUR 5.0m 8.0% secured convertible debt facility (the "Debt Facility"), details of which were announced by the Company on 1 December 2020, will now also become effective.
The restructuring of the Debt Facility will, inter alia, see its final maturity extended to April 2025, with no further cash interest payments required prior to final maturity.
Martin Hull, Echo's Chief Executive Officer, commented:
"I am delighted that Echo has now successfully completed the restructuring of its debt obligations. The new arrangements result in no cash payments to Noteholders until maturity in 2025. This enables the Board to focus on rapidly delivering on its strategy to improve shareholder returns.
Commodity price strength, including the very material increases in gas price recently announced, combined with the more than doubling of oil production following the ongoing infrastructure upgrades, provide a markedly improved and positive outlook for shareholders.
This is a landmark moment for Echo and I am confident that we can now drive forward and reward shareholders in the future."
With the Proposals approved by Noteholders, the Company will issue a total of 11,473,929 new ordinary shares in the Company (representing c.0.9% of the Company's current issued ordinary share capital) to Noteholders pro rata to their voting instructions cast in favour of the Proposals at the Noteholder meeting (the "New Ordinary Shares").
Application has been made for the 11,473,929 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur at 8.00 a.m. on or around 1 April 2021. Following Admission of the New Ordinary Shares, the Company's issued ordinary share capital will comprise 1,219,367,987 Ordinary Shares, none of which are held in treasury.
Therefore, following Admission of the New Ordinary Shares, the total number of Ordinary Shares with voting rights in the Company will be 1,219,367,987, which may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.''

Nyforever,

Thank you for sharing your conversation with MH.

However, he’s telling you a pack of lies about having to pay the interest on the loans before maturity or ECHO will have to forfeit their assets.

The below RNS specifically states ALL CASH INTEREST PAYMENTS ON THE NOTES have been rolled back to 15 May 2025.

‘’· Maturity of the Notes will be extended by three years to 15 May 2025 (the "Maturity Date"); and
· All cash interest payments on the Notes rolled to the Maturity Date.’’
‘’The restructuring of the Debt Facility will, inter alia, see its final maturity extended to April 2025, with no further cash interest payments required prior to final maturity.’’

He’s scaremongering you knowing you will tell this board ECHO could lose their assets? Boll****!

Could someone please show me where it states interest payments have to be made before the maturity date of April/ May 2025?
Their revenue is more now then than it’s ever been – let them take a pay cut and roll of cash to pay any interest payments they feel should be paid earlier than the maturity date.
IMO this share is being held back so that IF the resolution passes they will have more shares to issue later – if later on the 20% of market capital they’re asking for would have to be drastically reduced – as I’ve said if they want to do a capital raise then wait until the share price is in the pennies.
I’m sick of Companies needlessly diluting my/our share holdings, before an increase in the share price, I reckon this is why no RNS has been released yet confirming the amount of increased oil - total oil barrels produced today as the share price would rise the 20% would have to be reduced, to 5% if need be later?
..

Tue, 30th Mar 2021 11:05
RNS Number : 9625T
Echo Energy PLC
30 March 2021

30 March 2021
Echo Energy plc
("Echo" or "the Company")
Successful Completion of Debt Restructuring
Total Voting Rights
Echo Energy, the Latin American focused upstream oil and gas company, is delighted to announce that at the adjourned meeting of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") held earlier today (the "Noteholder Meeting") to consider the Company's proposals for the restructuring of the Notes (the "Proposals"), the Proposals were duly approved by the requisite majority.
At the Noteholder Meeting voting instructions representing EUR 12.5m of the Notes were lodged by holders of the Notes ("Noteholders") with 84 per cent. of votes cast in favour of the Proposals. As a result:
· Maturity of the Notes will be extended by three years to 15 May 2025 (the "Maturity Date"); and
· All cash interest payments on the Notes rolled to the Maturity Date.
Further details of the Proposals were set out in the Company's announcement of 22 February 2021.
As a result of Noteholder approval of the Proposals, the previously announced conditional restructuring of the Company's EUR 5.0m 8.0% secured convertible debt facility (the "

Looks like this mornings mini sell off is down to peeps worrying about a 20% dilution in case the resolution passes.

How likely is it they will release an Operations Update before the AGM in three weeks time?

Still not added?

Thanks Stevenma,

Am I right in thinking that 20% of share capital equates to around 400 million new share for 'general purposes' - employee scheme etc.?

And regarding Resolution1 - I thought all interest payments had been kicked down the road along with the debt for 4 years, are they afraid they won't be able to meet their interest liability on top of debt in 4 years time?

If I'm right in thinking the above is correct then I'll be voting against these Resolutions - they can save money and get MA producing first / CL (tested) before issuing shares for debt - pay the debt off later with shares when we're in the higher single pennies region...……….

Could someone post the covering letter showing the allotment of shares - how many?

''Shareholders are advised that the purpose of the GM is to seek approval of authorities in
relation to the allotment of shares in the Company as set out in the covering letter attached
to the Notice of GM.''

Could be that the shares are for Director/ Employees scheme - for kicking the can down the road re debt and negotiating a better contracted gas price (in a rising market, lol) oh and potentially pumping 9 barrels of oil net from each of 10 wells.
I won't be voting for any share scheme, especially at todays share price, unless the shares are at 10p per share/option.

There's a couple of hundred million shares just from this chat board to put a spanner in the works.

Could be for funding MA pipeline/ MA-CL hub?

If you don't mind me asking what exactly do you want to know?

CA/ CL aside (nothing going on there for a while yet) they've told us 10 wells will generate approx. 100 bopd from 10 new workover wells bringing a total of 18 wells into production leaving 17 wells to be worked over thereafter (35 wells in total).

We know they get $3.52 per boe contracted (the bulk of gas) and $5 per boe for the spot price.

We know the pipeline has been completed.

Add the 100 boo to what was previously stated and we know roughly how much gas is being produced.

Last RNS was less than 2 months ago.

So what exactly do you want to know that isn't already known as above?

Does anyone have an email address for a Caspian Director? Their website contact email address bounces back?

Thanks