Echo Energy provides operational update
Echo Energy, a London-listed independent active in Argentina's onshore Austral basin, on June 27 provided an operational update after postponing its annual audit accounts for 2021.
Echo's annual audited accounts have been delayed until August 31 at the latest due to COVID-19 difficulties, which prevented adequate bookeeping at its Argentinian joint venture with Roch.
Net gas production from Echo's Santa Cur Sur assets averaged 6.7mn ft3/day from April 1 - June 18, down from 7.4mn ft3/d in the first quarter. The decrease was attributed to a planned turnaround at Echo's Oceano gas field.
Net liquids output averaged 267 b/d, slightly up on Q1 levels despite the Oceano maintenance programme. In the period from January 1 to June 18, Echo's net output amounted to 243,230 boe, including 1.2bn ft3/d of gas and 44,905 b of oil and condensate.
Echo holds a 70% non-operated stake in the Santa Cur Sur area, with the operator ROCH owning a 30% share. The area comprises five concessions and 12 producing oil and gas fields, which together yielded around 2,633 boe/d in the first half of 2019.
Following the maintenance schedule, Oceano gas field is producing at 2.15 mn ft3/d on average, a 46% increase compared to the 40-day period prior to the turnaround. Gas sold by Echo since May 2022 is expected to generate $1mn in revenues, up 160% month/month, due to the signing of new gas sales agreements, for 2022-2023, that can be adjusted to reflect spikes in spot prices.