Completion of Acquisition

RNS Number : 1858T

Echo Energy PLC

13 November 2019

 

13 November 2019

Echo Energy plc

("Echo" or the "Company")

Completion of Acquisition

Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce that the acquisition by the Company of a 70 per cent. initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks (the "Santa Cruz Sur Assets"), from Petrolera El Trebol SA, a subsidiary of Phoenix Global Resources plc has now completed.

Martin Hull, Chief Executive, commented:

"I am delighted to complete this transaction, which will be a key catalyst for Echo. We believe we have secured a very attractive price for a package of assets which provide the Company with a balanced, revenue-generating portfolio with significant upside as well as exciting near-term drilling opportunities. I look forward to updating shareholders on our progress in due course, not least as we finalise preparations for drilling at Tapi AIke." 

Terms defined in the Circular dated 22 October 2019 apply throughout this announcement, unless the context requires otherwise.

For further information, please contact:

Echo Energy Martin Hull, Chief Executive Officer	via Vigo Communications
Vigo Communications (PR Advisor) Patrick d'Ancona Chris McMahon Simon Woods	[phone]
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin	[phone]
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Shore Capital (Joint Corporate Broker) Jerry Keen	[phone]

 

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