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Echo Energy shares boosted by production at acquired fields

The Argentina focussed oil and gas firm revealed production stats for the three months following the acquisition of the Santa Cruz Sur asset package

Echo Energy PLC - Echo Energy shares boosted by production at acquired fields
New well testing results are also anticipated by Echo investors

Echo Energy PLC (LON:ECHO) shares advanced in early deals as it revealed the positive impact of its acquired Santa Cruz Sur production assets in Argentina.

Production for the period - starting on the effective date of the acquisition, 1 November 2019, and ending on 31 January 2020 - averaged 2,481 barrels oil equivalent (boe) per day.

That average rate comprised around 560 barrels of oil and condensate per day, plus around 11.5mln cubic feet of gas per day.

READ: Echo says CLix-1001 well did hit primary target

Aggregate production for the period amounted to 228,249 boe.

A total of four liftings of crude and condensate took place during the period, with pricing equivalent to US$52.10 per barrel. A fifth lifting is currently in process and is due to complete in the coming days. Delivery of gas continued without disruption through the period.

In the field, attentions are on the Campo Limite (CLix-1001) well where testing is due to take place in the second half of February.

Additionally, Echo noted that results from the Campo La Mata x-1 well, at the Tapi Aike project, are also anticipated “in due course”.

Echo shares gained 0.4p or 21.5% to trade at 2.25p in early trading.

House broker Shore Capital, in a note, said: “We continue to eagerly look forward to further updates regarding the Campo Limite and CLM x-1 wells and, ahead of further news, our last published Risked NAV estimate for Echo stands at 5p/share, implying very significant upside from the prevailing share price.”

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Quick facts: Echo Energy PLC

Price: 1.3 GBX

AIM:ECHO
Market: AIM
Market Cap: £9.25 m
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