Shares of Eco-Stim Energy Solutions (NASDAQ: ESES) are up more than 50% after the company said it is has been awarded a two-year contract with the largest operator in Argentina for its tight gas completions program. Substantial work has already been performed under this contract, which was effective April 1, 2017. Per the contract, EcoStim will receive a guaranteed minimum compensation of approximately 40% of the contract value, although the operator anticipates the completion program to generate over $50 million in completions work over the contract’s term. “This contract, together with the recently announced contract in Oklahoma, should give the company a solid foundation and provide strong revenue growth and positive cash flow. With operations in Argentina and the improved market in Oklahoma, we believe the Company is now very well positioned,” president and CEO J. Chris Boswell stated in the news release.
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About Eco-Stim Energy Solutions
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing well stimulation and completion services and proprietary field management technologies and to oil and gas producers drilling in the international unconventional shale market. EcoStim’s proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. For more information, visit www.ecostim-es.com.
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