We would love to hear your thoughts about our site and services, please take our survey here.
Given that the Bond Holder issue might be put to bed for the foreseeable at the end of the month, and that with increased oil revenues and a new, more lucrative gas supply contract giving us some fiscal headroom, I would like to the following:
1. An immediate turnkey well workover program - not a we must discuss with partners statement. We should be ready to proceed tout suite.
2. Pipeline debottlenecking plan for immediate implementation. Not a procurement, contracts RNS that says nothing, we require a positive statement of intent.
3. The Campo Limite Well test completion and evaluation. No IF's, BUT'S but get on with it. It is over a year!!!!
This will be the first time for a while that we have cash to spend within the business.
NO MORE DIRECTOR SHARE OPTIONS OR BONUS', let us see action that justifies the previous largesse.
As shareholders, all we have seen is our cash squandered on bad geological decisions. How about reversing that trend!??!
WT
Predictions.
Tomorrow we will be flying high?
RNS on Monday, Wednesday, next week -yawn?
5P in a week, month, 3 month. 6 months ...ad nauseum!!
Screeds of facts that have been trotted out so MANY times previously.
You make Mystic Meg, the Sage of Sages and the Supreme Prognosticator look credible!!
Your noise is just arrant nonsense.
Is someone paying you to do this??
Try turning the volume down and be realistic, PLEASE!
WT
We require funds to get on with projects, this we know.
We have a VAT refund that has been outstanding - it seems forever.
So where is it?
And why have we not received it, so that we can progress our stated work program, that may well bring taxation to the Regional Authority that have been withholding OUR FUNDS??
WT
Is this a share or is it a casino?
Who knows what Monday will bring?
Have a good weekend.
WT
The lack of progress over the last year can be explained by our lack of working capital.
Steps have been taken to put Echo on a more secure footing with regard to debt issues.
The Oil & Gas pricing cycle is now moving in an advantageous direction, providing some liquidity.
We now require an end to short term liability questions, and more to take Echo forward.
Regurgitating messages is not good enough.
And what happened to under promising and over delivering?
Conveying to the bottom line, should be what 2021 should be all about.
So updates on the pipeline?
Compressors - uptime??
Campo Limite - action.
Workovers - all the planning must have been done by now, when is the start date?
What has our rig been doing for the last year?
Have we derived income from it, if we have not been using it?
So many questions?
So little concrete news!
WT
I have been mystified as to the lack of updates, and have said so.
But on reflection, do I really think that MH wishes to be in this position?
I think not, nobody would UNLESS there was a very good reason that we the shareholders are not currently privy to.
No doubt all will be clear, when news is released.
Do I like being kept in the dark, of course not?
But I have learned the value of patience.
WT
Less a criticism, more a observation.
None of us KNOW when the next RNS will land, so WHY do some post that it WILL...
And NONE of us KNOW what the SP is going to be next WEEK, MONTH or YEAR....
And none of us KNOW what flowrate of the CAMPO LIMITE well will flow at, IF ANYTHING....
We can all HOPE that we are correct, but NONE of us KNOW....
Martin Hull will a BETTER IDEA than MOST AND I really wish that be had GET ON WITH IT!!
WT
Waiting for news?
We know that there is news that can be released, but where is it??
Oil & gas rates?
Stocks of oil ready for sale or sold?
Workovers?
Campo Limite?
And so much more!!
All very well handing out options, BUT what do we - the long suffering shareholders GET, as our piece of the pie??
WT
I do NOT ramp, as many on here will attest to.
This Campo Limite well that we are awaiting test results on, may be far bigger than originally estimated.
And NO, I am not going down that road, so don't ask.
I still find the lack of action at this wellhead perplexing.
But MH is no "Princess" and his work has been (grudgingly lol!!) impressive.
So my jury is still out, but I will be utterly delighted to have been proved wrong.
And I STILL have not sold one single share.
WT
I have posted scepticism regarding the non/late testing of this well.
I posted scepticism regarding our Bolivian "asset."
I make no apology for that.
This recent SP move is probably about one (or even both) of these resources.
Like many, I bought into the previous administration.
It may just appear that we are now on a different track - but I am not holding my breath.
Happily I have taken my break even down, but still some way to go!!
WT
It's important to keep our feet on the ground.
We should remember what has happened and what has not.
It is easy to be swept up in the possibility of the future, we should remember the disappointments and YES, failures of the past.
And that is why Campo Limite should not end up being another catastrophic footnote, we have had nothing but positivity so far from Echo Management regarding the well - will it really be discarded in another disastrous Monday morning RNS??
It might run like this:
After re-entering the well, to do the long awaited test; it was found that measurements originally taken were found to be incorrect due to equipment/technical failure. Consulting with our geological team and outside experts, it has been concluded that Campo Limite cannot provide a viable and economic source of hydrocarbons and therefore most regretfully the decision has been taken to abandon the well.
There again, it is just possible that:
We are delighted to inform shareholders that....yada, yada etc. xx bcu ft/day of hydrocarbon gas that can be quickly and economically brought on stream and monetised.
I certainly hope that it will be the latter, but I suspect the former.
WT
And might I make one important and salient point.
For all the money that we have spent on drilling and seismic.
For all the encouraging RNS's that we have received.
For all of the fine words.
Echo, as of today have NOT discovered one single molecule of Hydrocarbons that has been sold into the market.
And that is, please forgive me - What this company was meant to be about!!
We employ geologist(s) who seem incapable of finding oil nor gas.
Campo Limite!!??!!
Just sayin'??
Have a good weekend.
WT
W
Where is the work schedule to getting the Campo Limite well tested?
Where is the well workover program?
Our geologist(s) have had virtually nothing to do for the last year, plans should be "Oven Ready," we do have the cash to finance the work, the payback time is great, the oil price is in our favour!?!
Where is our VAT refund? Progress please?
If we wish to get into bed with someone in Bolivia -fine, so long as we don't end up throwing cash at it.
I just want to see us consolidate our position, see what we have and move forward.
If Campo Limite is economically viable, we will need cash to fund development.
Bolivia might sound good, it may be but it may also be a distraction!!
WT
I agree that the Loan Note and Workovers are important updates.
Bolivia - not so much, for me a lost cause. We may have to agree, to disagree.
The MAJOR topic that I would wish to be brought up to speed on, is progress on the Campo Limite well.
We are almost a year down the road on this well, soon please!!
WT
We have some cash in the bank.
We have some ongoing production.
We have a well that requires testing and the results thereof.
That is what we definitely know.
Let us look forward to 2021 that may deliver better, than it has previously.
Wishing everybody a Joyful New Year.
WT
abzzba
I entirely agree with all points made in your post.
We have been left hanging for 8 months on this Capo Limite Well.
We went through a "major disappointment" LOL with Ms MacAulay several years ago, Mr Parsons headed the Company.
Will Campo Limite deliver the same or will it be revenue producing? Mr Parsons still Chairman!
Hope springs eternal but the very same nonsense cannot - repeat CANNOT be sold a second time!!
Wishing all Investors a Very Happy Christmas and (hopefully) a profitable New Year.
WR
I would prefer to not ramp like some, not appreciate the potential downside like others.
There, as yet IS NO COMMERCIAL FLOW.
If and when there is; I will be delighted.
The "Full Picture" has not been presented, the Campo Limite well testing was suspended last April.
A full 8 months have elapsed, and we shareholders are no wiser regarding this well - as back then.
What plans for this out of country crew?
Why not "in Country" Schlumberger??
What is the issue that requires specialists and their equipment?
Lots of questions, no answers.
WT
The hole for some, seems to be getting deeper..
I might be prepared to give the boardroom some latitude, if they bore some of our pain.
But they have awarded themselves share options, whilst the Company loses impressive amounts of our money - and Mr Parsons trousers a cracking Cash Bonus and Consulting fees. He has been at the helm since Day 1, we have not made a penny of profit or discovered any hydrocarbons and yet he still gets paid handsomely.
We would do well to remember that the previous owners selected the Campo Limite drilling location.
If, and it is a BIG IF there is a commercial (exploitable) reserve at this location, there will be costs in hooking up the completed well, paying for a pipeline and associated equipment to condition the gas before a single cubic metre of gas can be sold on. And this takes time and permissions etc from the Regional Regulatory Authority.
Has any preliminary work been done, designs, etc or will it be starting from.... ?
And we have no idea how much this fabled out of country crew with their specialised equipment is going to cost??
Or indeed, why they are required and what their remit is?
Have we cleared a proposed work program with local officials?
Feet on ground, rather than heads in clouds.
And I see that Bolivia and Tapi Aike still sit like carbuncles on the Echo website, which is entirely misleading.
It all needs cleaning up to reflect where Echo Energy actually IS today, rather than where is WAS yesterday.
The "portfolio" as currently published is not up to scratch.
WT
I agree, actions speak louder than words!!
So speak as to why we raise, when we have several million unpaid VAT.
So speak about the incomplete well test.
So speak about this mythical "equipment and personnel" from outwith the region, when Schlumberger the worlds biggest and most technically competent Well Services Company have an office in Buenos Aires employing over ONE THOUSAND people.
So speak about the profitability of our old assets. At what point do they start to earn a return?
So much to speak about, all that happens is that cash is raised and spent on large salaries for the Chairman and his pals, not forgetting our lauded geologist who has as yet, failed to discover one molecule of oil or gas that has been sold!!
We have endured plenty of strategic plans, but so far they have all failed miserably.
Yes, let us give them one more chance, let us see what they does next??
After all, we are paying "THEY" not only "HIM!!"
WT
Bolivia is worth no more than a can of baked beans. We KNOW that.
Tapi Aike was the one big reason that I bought into Echo, and that is now a busted flush.
And we have "assets" that are well past their peak, where profitability is questionable.
And a well that has not had it's testing program completed.
We have not had an explanation as to why "specialist equipment and personnel" are required from outside the region.
It is all so very tantalising, but for many of us the hammer came down on us several years ago, and Ms Fiona MacAulay headed for the hills.
So when does the equipment and personnel arrive on site to do their "stuff?"
Then I suppose they will need to have a technical evaluation of their, not inexpensive findings.
So how long will all of this take?
What will they be looking to confirm?
Will it be completed this winter, their summer or will it drag on to next Nov/Dec?
I do not wish to be the one with the bucket of cold water, all I see is the can continually being kicked down the road.
More and more shares issued and no CONCRETE details being given.
And where IS this VAT repayment??
Surely if payment was imminent, we shouldn't have required the recent raise?!?
Will we be the unfortunate recipients of a "Sorry, but NO CIGAR" RNS next February, just like the last time?
I do not wish to disagree with other investors, who may be disciples of the current strategy.
My feet are very firmly on the ground, not up in the clouds.
I really want to see an RNS that says, no if's, but's or maybe's that Echo has discovered a good commercial reserve which can be exploited.
Not a chapter from a Hans Christian Anderson Fairy Story!!
WT