|
Echo Energy PLC - London-based energy company focused on Latin America - Says daily gas production at Oceano field has materially increased following upgrade programme. Over the first quarter, the field produced an average of 1.72 million standard cubic feet gas per day, and is now producing 2.63 million standard cubic feet per day since the upgrades. Total average gas production net to Echo across the Santa Cruz Sur assets for the 12 days to May 21 rises to 8.4 million standard cubic feet, which is 14% higher than the average for the first quarter.
‘The increase in production from the Oceano field is clearly encouraging and is a further demonstration of the significant potential that we believe exists within the company's Santa Cruz Sur assets. We continue our focus, as cashflow allows, on making targeted and cost-effective investments to drive production performance and improving revenues in an environment of sustained elevated commodity prices,’ says Chief Executive Officer Martin Hull.
Current stock price: 0.43 pence, up 5.7% on Monday
12-month change: down 54%
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
