Echo Energy plc, the Latin American focused upstream oil and gas company, has provided an update on production during 2018.
Total production, net to the Company, during 2018 from the Company's producing Fracción C and Fracción D licences was 315 825 boe, at an average daily production rate of 865 boe/d (including gas used for fuel in the field). 31% of volumes produced constituted oil. The average oil price realised during 2018 was US$63.8 per barrel. Additionally, all sales gas produced during 2018 was sold into the Argentinian market at an average realised price of US$3.99 per million btu.
As previously indicated, the Company has identified a number of additional candidates for well interventions in the Canadon Salto field (Fracción D licence). The Company confirms that it is continuing to work with its partner to determine the optimal use of investment capital to maximise potential returns from a further investment programme in Canadon Salto and that, as a result, no well interventions are expected to commence in Q1 2019. The Company will provide an update on its plans for the Fracción C & Fracción D licences in due course.
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