Results: ECHO

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EPIC ECHO
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Results from Echo Energy – the next bust from James “Dracula” Parsons?

Sound Energy (SOU) limps on. Dracula is still a consultant as the company tries to sell its main asset to a bidder which has no money. Without such a disposal – and I am sure you can spot the flow in this “cunning plan” - the company will be unable to pay its debts as they fall due and will almost certainly go bust. So, what of another hound in Dracula’s kennels, Echo Energy (ECHO), which reported its results today a headline loss of $10 million is pretty good going.

EPIC ECHO
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Echo Energy – a dangerous mix warns City’s No 1 oil analyst

I am always very wary of companies with large amounts of debt and that has deterred me greatly from backing Echo Energy (ECHO). Its results were out today and the City’s No 1 oil analyst, Zac “the knife” Phillips of SP Angel has issued a stark warning. The great man opines:

EPIC ECHO
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Echo Energy.. shit happens but cash is now the issue

Too many mug punters who gamble on oil and gas explorers seem to think that with modern technology, blah, blah, blah drilling is a slam dunk certainty or at the very least, highly likely to succeed. They blather on about 70 or 80% COS statistics without a clue. If you look at AIM RNS’s the reality is that, across the board,  the vast majority of wells drilled are not commercial. And that brings us to today’s disaster from Echo Energy (ECHO).

EPIC ECHO
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Echo Energy accelerates its operations in Argentina

Often when a smaller AIM company operating in the natural resources sector announces a placing it ends up being bad news for those currently invested, but there are also cases where the money is being sought in order to accelerate operations. Of course, the company still ultimately needs to deliver and for the work that the money is being raised for to be successful, but I would certainly rather see this than a company that is sitting around doing nothing and burning through cash whilst its directors pocket a nice salary.

EPIC ECHO
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Echo Energy shares suspended after no insider dealing on AIM, honest guv!

Shares in uber-ramped Echo Energy (ECHO) were suspended today after a sharp share price move on Friday forced an admission from the company. Hmmmm, heavy share dealing just before a big announcement. But this is AIM, the world's most successful growth market so that is just a total coincidence just like it always is on the casino. Move along gents..nothing to see.

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