Echo Energy Plc said it exported its first cargo of oil produced at the Fraccion C and Fraccion D projects on 14 April 2018.
The AIM-listed oil and gas company said its share of oil production in the first quarter of 2018 from the two sites was around 25,000 barrels, with a final realised sale price based on the average Brent crude price (currently US$71.6 per barrel) for the 5 days following cargo loading with a US$6 discount per barrel.
The group added that it had sold all its sales gas produced in the first quarter, totalling a net of 245.1mln standard cubic feet, to the Argentinian market for an average price of US$4.21 per million British thermal units (mmbtu).
Echo estimated that net sales receipts for the first quarter before royalty, tax and operating expenses will be around US$2.7mln.
Echo Energy chief executive, Fiona MacAulay, said: “Loading our first cargo was a significant step for Echo, particularly with Brent currently trading at a sustained US$70 / barrel for the first extended period during 2018.
She added: “We are also delighted that gas sales have remained strong and our realised blended price for those has been in excess of US$4.20 per mmbtu throughout the summer season in Argentina. Receipt of maiden LATAM revenues in Q1 marks an important milestone in the Company’s mission to become an exploration-led gas-focused mid-cap E&P, delivering value for shareholders.”