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Echo Energy agrees to fund upgrades at Santa Cruz assets to boost production
StockMarketWire.com
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Oil and gas company Echo Energy said it had agreed to spend $275,000 to upgrade existing pipelines in the Santa Cruz Sur assets in Argentina to accelerate the return to full production and bring the remaining volumes previously shut in in the second quarter of 2020 back online.
Capital expenditure net to Echo's 70% working interest of around US$ 275,000 would be injected by the company to replace and upgrade parts of the infrastructure primarily in the Chorillos, Campo Molino and Cerro Convento fields with installation expected to take approximately 45 days from conclusion of successful procurement, the company said.
Ten individual upgrade projects would be completed to enable the upgrade of around 23 km of pipeline, it added.
'It is anticipated that once the pipelines are fully operational, gross daily liquids production will be restored to levels of between 480 bopd - 600 bopd (336 - 420 bopd net Echo),' the company said.
Echo said current production levels remained in line with its expectations. Average daily production, net to Echo's 70% interest, from Santa Cruz Sur throughout 2020 was 1,966 boepd and total cumulative production during 2020 net to Echo was 720,000 boe.
At 8:24am: (LON:ECHO) Echo Energy Plc share price was 0p at 0.43p
Story provided by StockMarketWire.com
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