Echo Energy (ECHO) shares were trading higher on Wednesday after it released a production update for its 70% owned assets in Santa Cruz Sur, Argentina.
The update revealed an average net daily production of 2,481 boe per day net to Echo for the three months from 1 November to 31 January, and a total production during the period of 228,249 boe.
The Latin American focused oil and gas firm said four cargo liftings of oil and condensate were made during the period, totaling 27,082 bbls net, with an average sales price of US$ 52.1 per barrel of oil equivalent, implying over US$1.4 million in sales.
Echo said a fifth cargo of oil and condensate, in excess of 15,000 bbls net to the firm, is being loaded at port and is expected to be completed in the coming days.
Shares in Echo Energy were up 18.92% at 2.2p during Wednesday trading
The company said that total production was made up of 51,561 bbls of oil and condensate and 1,060 mmscf of gas, equating to an average daily production of 560 bbls of oil and condensate per day, and 11.5 mmscf of gas per day.
Echo's update revealed that average realised gas prices were US$ 2.21 per mmbtu, with prices ranging from US$ 1.6 to US$ 4.5 per mmbtu during the period.
The company said it expects higher realised prices in winter months as summer gas prices are discounted to annual averages, and that 165 net mmscf of gas produced at the wellhead was used in the field for fuel and power.
Investors await an update on testing operations at the Campo Limite (CLix-1001) well at Santa Cruz Sur in late February, and the results of the Campo La Mata x-1 well (CLM x-1) at Tapi Aike.
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