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Santa Cruz Sur: Reserve and Resource Update
Santa Cruz Sur: Reserve and Resource Update.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 1845P\n Echo Energy PLC\n 08 June 2020\n \n \n \n \n 8 June 2020\n \n \n \n \n \n Echo Energy plc\n \n \n (\"Echo\" or \"the Company\") \n \n \n \n Santa Cruz Sur: Reserve and Resource Update\n \n \n \n Echo Energy, the Latin American focused upstream oil and gas company, provides the following update in respect of Company's internal estimates of reserves and resources attributable to Echo's \n 70% non-operated working interest in the producing Santa Cruz Sur blocks (\"Santa Cruz Sur\"), onshore Argentina, as at 31 December 2019. In addition, Echo also provides further detail on an identified well workover programme and other production enhancement opportunities contained within the Santa Cruz Sur portfolio. \n \n \n \n \n \n From 1 November 2019 to 31 December 2019 a total of 152,819 boe (consisting of 34,466 bbls of oil and 710.1 MMscf of gas) net to Echo was successfully produced from Santa Cruz Sur, at an average rate of a net 2,505 boepd. Production continued during Q1 2020 at an average net rate of 2,394 boepd.\n \n \n \n \n \n The Company is pleased to confirm the identification of an initial portfolio of sixteen low cost workover and intervention operations at Santa Cruz Sur focussed on 1P proven developed non producing (\"PDNP\") and 2P reserve intervals - with the intention of bringing those volumes into production and, therefore, migrating the associated volumes to proven developed producing (\"PDP\") reserves. The cost of workover potentials identified is low, as compared to the cost of a new well, and given that the workovers sit in the developed part of the field, they are straight forward to bring online. \n \n \n \n \n \n This initial portfolio of opportunities is part of a wider portfolio of Santa Cruz Sur workover and interventions, which includes further opportunities to increase production and reserves, currently being assessed by the Santa Cruz Sur partners. \n \n \n \n \n \n Estimated Santa Cruz Sur Reserves as at 31 December 2019\n \n \n \n \n \n Reflecting production from Santa Cruz Sur during 2019, the Company's estimates of Santa Cruz Sur reserves as at 31 December 2019 are as set out below.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross (100%)\n \n \n \n \n Net attributable to\n \n \n Echo's 70% working i...