The Oil Man: Echo Energy, Range Resources, i3 Energy

WTI $64.50 -$1.06, Brent $69.02 -44c, Diff -$4.52 +62c, NG $3.19 +3c

The general drift continues and yesterday indices fell in advance of the State of the Union address, this morning oil is also down by around 40 cents.

Echo Energy

An update from Echo (ECHO) this morning in which the company announces that it has completed the acquisition in Argentina and is now ready to initiate the 2018 work programme.

Tenders for the planned seismic programme have been issued, and also a slot has been reserved for the four exploration well programme scheduled to start in Q2 2018. With $32 million (£22 million) in the bank, Echo is fully funded for this years exciting programme which one might expect to hear about in a few months time.

Range Resources

Quarterly update time for Range (RRL) where production is up 9% on the previous period at 651 barrels per day. The two acquisitions in Indonesia and Trinidad were completed so investors can look forward to these providing significant interest this year. After the quarter end the GY 684 development well at Beach Marcelle was brought onstream at 120 barrels per day.

i3 Energy

i3 (I3E) has raised £2.57 million at 30p and has other “multiple funding options at an advanced stage”. Farming out of Liberator appears to be close to completion and also some of its applications in the 30th round. One to watch although plenty to do.

And finally…

Briefly, last night Prem programme saw the Swans continue their winning ways by seeing off the Gooners 3-1, the HubCap Stealers won anyway you like at Huddersfield and the Hammers and the Eagles drew 1-1. The rest of the programme tonight sees the Red Devils at Wembley against Spurs, Chelski play the Cherries and the Noisy Neighbours host the Baggies amongst other fixtures.

Malcolm Graham-Wood is an independent oil industry expert and freelance contributor, not a direct employee of Interactive Investor.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.