Echo Energy PLC on Friday said production was up in the fourth quarter, as it targets the reopening of more wells.
Echo Energy is a Latin America-focused energy company, currently producing from its Santa Cruz Sur project, onshore Argentina.
The company said operations continued to deliver produced gas and liquids to industrial customers in the fourth quarter of 2022.
Echo Energy said the total 2022 cumulative production at Santa Cruz, net to Echo Energy’s 70% interest in the project, was 532,302 barrels of oil equivalent, including 101,574 barrels of oil and condensate and 2,584 million cubic feet of gas.
The company said net liquid production was 298 barrels of oil equivalent per day in the fourth quarter, up from 276 barrels per day in the third quarter, while average net gas production was 7.3 million cubic feet per day.
The net daily production average was 1,522 boepd during the quarter.
Liquids production at Santa Cruz was the ninth continuous quarter of production growth, and a 12% increase on the first quarter of 2022, the company said. Average liquids production for the whole year was 278 barrels per day, 25% higher than the year before.
The combined fourth quarter oil and gas production levels were the highest of any quarter in 2022, which the company said reflects the measures undertaken under is ’production and infrastructure enhancement plan’.
The company intends to accelerate production increases in early 2023, which will allow it to begin the reactivation of 30 or more wells in Santa Cruz that were offline when Echo Energy acquired the site in 2019. The reactivation of these wells could further increase net production, the company said.
Chief Executive Officer Martin Hull said: ‘We remain committed to delivering on our strategy to grow production and are looking at working capital options that can build on the initial success of the programme and accelerate production growth from Santa Cruz Sur.’
Echo Energy shares were down 7.6% at 0.10 pence per share on Friday morning in London. The stock is down 81% over the past 12 months.
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