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.
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.”