Progress Update

RNS Number : 2963X

Echo Energy PLC

26 August 2022

 

26 August 2022

Echo Energy plc

("Echo" or the "Company")

Progress Update: Production and Infrastructure Enhancement Plan

Echo Energy, the Latin American focused energy company, is pleased to provide a further update regarding progress in the execution of the Santa Cruz Sur assets' Production and Infrastructure Enhancement Plan originally announced on 7 July 2022 (the "Plan").

The first operational priority under the Plan was to upgrade the power generation capacity sufficient to sustain and contribute to the anticipated 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 power generation unit installed in the larger Cerro Molino Oeste field (1,375 Kilo Volt Amps (KVA) capacity) has also been successfully commissioned and is 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 are also being scheduled and include an overhaul of the hydraulic system and the blowout preventer (BOP) 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 looks forward to continuing to update shareholders on progress on the Plan throughout this year.

For further information, please contact:

Echo Energy Martin Hull, Chief Executive Officer	via Vigo Communications
Vigo Consulting (IR & PR Advisor) Patrick d'Ancona Chris McMahon	[phone]
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin	[phone]
Arden Partners plc (Corporate Broker) Simon Johnson (Corporate Broking) John Llewellyn-Lloyd (Corporate Finance)	[phone]

Note

The assignment of Echo's 70% non-operated participation in the Santa Cruz Sur licences is subject to the authorisation of the Executive Branch of Santa Cruz's Province, which is part of the overall process of title transfer that is proceeding as anticipated.

 

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