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Did anyone else notice Martin sniffling?
I hope that it does not indicate, that he is not in rude health!
Get well soon.
WT
I have just picked up today's discussion.
For reasons that I cannot explain, I am unable to materially contribute to this board (or any other) from now on, OR in future to any "Time with the Team" sessions.
This is very much NOT MY CHOICE, and I do not have an option.
Please note @ Echo HQ!!
WT
Not surprised to see an outage.
Gas comps fail from time to time, and when they do some planed maintenance for later in the year can be brought forward whilst the machine is shutdown; so it is not the end of the world!! lol
WT
In the hydrocarbon world that I was brought up in:
42 US gallons or 35 Imperial gallons = 1 barrel of oil
6.29 barrels of oil = 1 cubic metre of oil
All at standard temperature & pressure. (STP)
I have not seen hydrocarbon metering done in gallons or barrels, only Cubic Metres. (M3)
Again, gas measured in M3.
I have attended quite a number of metering courses and the measuring equipment invariably outputs in cubic metres.
Those were the production units reported back to head office of daily production (0.01 - 24.00)
Not sure if this helps, the term "barrel" is only used for sales purposes.
WT
Utterly speechless!!
WT
NO RNS this week.
NO update of the Website.
NO improvement of PR.
It does seem to me that no matter what investors reasonably wish to see, Echo management are resolutely "cloth eared!!"
NO CHANGE!!
Have a good weekend.
WT
Without wishing to be negative.
@darientaylor
Might I ask, on what basis do you assert?
"nailed on 10 bagger by christmas"
Having been here for a very long time.
Those who have made similar comments, have come and gone - and good riddance.
So your rationale, please Sir??
WT
... and tumbleweed continues to blow around Echo HQ!! lol
@ARahim
The email address that I use is:
m.hull@echoenergyplc.com
I hope that this helps.
Have a terrific weekend.
WT
We do not KNOW how much Echo has in the bank, given the rise in commodity prices.
We do not know what their monthly expenditure is in Argentina?
We do not know how much any of the proposed projects (Workovers etc) will cost.
And surely, we would like Echo to have something in the bank, in case prices go rapidly South.
I am not going to excuse them for their terrible history of communications - far from it.
I am prepared to wait for some more numbers, news of work on the ground, the website update and to see if they truly have, gotten the message.
And for those who are not happy, do as I did and email Martin.
Bleating, squabbling or speculating on here, is just more hot air that goes nowhere and proves nothing!
WT
@ARahim
After an oil well has been shut in for months +, the initial flow rate will likely be high but will settle out after a month or so at a lower level of production.
That is my experience.
If the well was given water injection support, whilst being shut-in the number will be higher, the bottom line is that there are a number of variables and only time will determine what the sustainable value is.
And if a workover has been performed, then the previous flowrate, only serves as a comparator for the new one; but again one needs some time to see how the reservoir performs.
Make no mistake, I am not letting Echo off the hook here.
I do not think that the penny has dropped as yet, as to how abysmal their communication performance has been!!
And they were asked on here and in emails a year ago, to put a First Class presentation of what, where etc our assets in Argentina actually are. We were ignored!! I received a fulsome email yesterday from Martin Hull, and I am sad to report that the fault of inaction -lies elsewhere. That is not good enough. I do NOT KNOW how many employees Echo currently has, excluding Directors. That is the abysmal extent of the lack of communication with investors.
Friday afternoon, no point banging on.
WT
And my 2 Million shares.
@The_Linns
I totally applaud your email.
Count me in with my support.
Enough is truly enough.
We had PRINCESS FIONA, she wasted our money and scampered off to boardrooms new.
Now Martin Hull, whether he likes it or not is the PRINCE of OBFUSCATION and PREVARICATION.
We have had a bellyful of it.
Your time is fast running out!!
WT
Hopefully Martin, now he has access to increased cash will utilise it on a sustained campaign of bringing wells back on line and workovers on wells to increase their productivity and to get the Campo Limite well tested.
The funds that are then provided will enable us to move forward.
There is no point in looking in the rear view mirror, what is done is just that.
What happens from here on in, with a $75 bbl and high gas prices is what ECHO will be measured against.
News of workovers, wells back in production, and oil & gas revenues are WHAT WILL drive our SP forward.
WT
Echo shut in oil wells, as the production had become uneconomic.
Let us say the cost of producing a barrel for these wells is $30.
So our nett income is NOT $75 per bbl, but ($75 -$30), so in the vicinity of $45.
And there will be additional costs bringing this shut - in production, back on line.
And I presume that we will be immediately be utilising this new found cashflow for workovers.
Nothing is as simple as portrayed!!
WT
As the investors, we need, nay demand a Website that details our assets in Argentina.
Due to the awful Covid -19 situation, we may be delayed in getting on with the operational work required, BUT there is absolutely nothing stopping ECHO giving us a detailed view of the maps, fields, pipelines, terminal etc.
The word "obfuscation" springs to mind, is this a deliberate policy to keep us in the dark or something less sinister?
And it gives me no pleasure posing such an idea.
As I see it, without a stream of news the SP can only continue to decline.
But with a good, up to date and attractive website, we may attract new investors in.
No plan, no effort, no desire - just nothing.
Given none of the above, it will be the half year numbers that may give us some respite.
Salaries, bonus', options and warrants - if you didn't burst out laughing, you might even start to blub.
This tail is really wagging the dog, and that MOST CERTAINLY is NOT THE WAY IT IS SUPPOSED TO BE!!
WT
I do remember addressing the issue of bringing wells back into production many moons ago.
Some thought that I was being negative.
The reality is like ranger104uk says, that operationally the outcome will be mixed.
Where the results are good or even great, Dr Bessa will proclaim success from the rooftops.
But at the other end of the spectrum, we may even lose some wells; where the cost (operational / workover rig time) exceeds the future potential production.
As a lesson in how things can go catastrophically wrong, I do remember one oil well that did not produce one litre of hydrocarbons that cost many, many millions of £'s before being abandoned.
Given that we shut these oil producers in as a deliberate program, one can only hope that wax inhibitor or even diesel was employed to keep lines free and operable to enable a successful restart of production. We shall see.
The imperative will be to open up in a considered way, rushing like a bull at a gate will achieve much less.
WT
This should be our company brochure.
Not flashy or money ill-spent, but hard information that informs what we have in place - today!!
It should describe what our oil and gas wells are, within the fields where they are they located.
It should show maps of our gas and oil fields and the various pipelines.
It should show where trucks are used to transport our oil.
It should have photographs of our recently purchased gas compressors.
There should be a photograph of our workover rig.
And photo's of the oil export terminal.
And information of the gas and oil flow rates.
Is this too much to ask, after all we are ONLY the people who own the assets that our company management operate on our behalf.
This surely is a case of the tail wagging the dog, rather than the other way round.
And it is not as if we have no cash, we spend it on salaries - so let us see it spent on behalf of the long suffering shareholders and attracting new shareholders in?
Once, prospective new investors can get a glimpse of what they are buying into, they just might write a cheque.
At the moment we just look like a bunch of amateurs.
It is this sort of issue that our discredited Chairman should be addressing on our collective behalf.
The notion of extracting one's digit, springs to mind!!
WT
To a large extent, shareholders are treated like mushrooms and kept in the dark.
Echo might contend that they have told us x or y, but you have to search for the information.
I do understand the terms used, but that is ONLY because I have always worked in the industry.
I feel for those who have not, for example when confronted with geological terms that sometimes causes me to look up what is being said. If you had not been familiar with drilling terms, well terms etc. this must all be Serbo-Croat to you.
Echo could do far better, by giving us a comprehensive overview of what our interests are in Argentina AND the locations.
They have NEVER said WHY the Palermo Limite well requires out of country people and equipment to do the test.
They have NEVER expanded on what the implications were of where we found the strata when we drilled. They never answered the questions such as was the seismic data supplied when we purchased the asset incorrect, and what is actually where it is advantageous OR NOT to finding hydrocarbons.
We have never had proper and accurate maps of assets like wells and pipelines on the website.
We are the shareholders, these are our ASSETS.
They have had a year PLUS to do stuff like this, yet they have NOT.
This is not a quality operation, it should be!!
WT
Really happy to see the pipeline work done.
My feeling is that the SP will move when the market can see:
The increased revenues utilised on our "Unicorn" Workover programme.
(Is our "In House" rig in good order, or does it require repair/upgrading?)
The increased revenues spent on testing our Campo Limite well.
The increased revenues invested on the proposed Monte Aymond Project.
What we do not want to see, is cash accumulating rather than being spent on "turn key" organic projects that we have had a year plus, to plan.
I do not want to see our increasing cash revenues spent outside our core region (Argentina) that should/will produce the organic growth, so often touted. My fear is that salaries and bonus' will increase and funds will be syphoned off to the likes of Bolivia or some other project. This is the time to start producing and take advantage of the oil and gas prices.
We should be laser-focused on maximising the opportunity, in front of us.
As far as why the SP has not moved much today, it just might be that the market is not convinced that our Chairman is the best person to take us forward in a cash generative phase.
WT