26th Aug 2022 10:08
(Alliance News) - Echo Energy PLC shares were up on Friday as it said it has made "critical steps" in its Production & Infrastructure Enhancement plan for its Santa Cruz Sur assets.
Shares in the London-based energy company focused on Latin America were up 4.9% to 0.26 pence each in London on Friday morning.
In July, Echo announced its Production & Infrastructure Enhancement plan for its Santa Cruz Sur assets, which are located in Argentina.
The company said that it has successfully installed three additional power generation units on schedule. This was its "first priority", as it will sustain and contribute to the anticipated elevated production levels.
Echo said that the power generation unit installed in the larger Cerro Molino Oeste field has also been successfully commissioned and is now available to support existing and future production levels.
It continues to work on commissioning the remaining two installed units in the El Indio Oeste field and Oceano fields, the company added.
Further, upgrades to the workover rig owned by the Santa Cruz joint venture are also being scheduled and include 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," the company said.
By Sophie Rose; [email protected]
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