Echo Energy makes progress at Santa Cruz Sur

26th Aug 2022 11:50

(Sharecast News) - Latin America-focussed energy company Echo Energy updated the market on progress in the production and infrastructure enhancement plan at the Santa Cruz Sur assets on Friday.

The AIM-traded firm said the first operational priority under the plan was to upgrade the power generation capacity sufficiently, to sustain and contribute to the expected elevated production levels.

"The company is pleased to announce that following mobilisation, all three additional power generation units have now been successfully installed on schedule in the respective fields," the board said in its statement.

It said the power generation unit installed in the larger Cerro Molino Oeste field, of 1,375 kilovolt amp capacity, was also successfully commissioned and was available to support existing and future production levels.

"Work continues by the Santa Cruz joint venture staff to plan on commissioning of the remaining two installed units in the El Indio Oeste field and Oceano fields, both 375 kVA capacity."

Upgrades to the workover rig owned by the Santa Cruz joint venture, meanwhile, were also being scheduled, including an overhaul of the hydraulic system and the blowout preventer stack.

"The successful installation of the additional power generation capacity and the planned upgrades to the workover rig represent critical steps in the delivery of the plan."

At 1012 BST, shares in Echo Energy were up 4.24% at 0.26p.

Reporting by Josh White at Sharecast.com.