Q3 Portfolio Update

RNS Number : 1323K

Echo Energy PLC

05 July 2017

 

5 July 2017

Echo Energy plc

("Echo" or the "Company")

Q3 Portfolio Update

Echo Energy, the South and Central American focused upstream gas company, is pleased to provide the first of its quarterly portfolio updates, including an update on its growing Bolivian interests following the announcement dated 21 June 2017.

The Company is pleased to confirm considerable progress across South and Central America, with a particular focus on Bolivia.  Specifically, the Company can confirm that:

·      The initial technical work to further mature the exploration prospect in Huayco has commenced and tendering for the 3D re-processing is underway;

·      it is in advanced discussions with various parties in relation to other opportunities in Bolivia and further announcements will be made in due course;

·      It is in discussion with various candidates regarding the regional MD role, which will lead a dynamic regional team.

The Company also continues to move forward with the registration of its legal entity in Bolivia, which is expected in the coming weeks.  As previously announced, the Company's operated interest and obligations in the Huayco licence will only crystallise following the completion of the technical evaluation programme, agreement with Pluspetrol on a drilling programme, and the receipt of all necessary regulatory approvals. 

Alongside the Company's significant progress in the region, the strategic review of its remaining Tunisian Exploration Asset continues.

Fiona MacAulay, Chief Executive Officer, commented:

"I am pleased to initiate the first of our routine quarterly portfolio updates, which highlights our strong positioning in Bolivia and beyond.  I remain hugely excited by our ambitious regional growth strategy and look forward to updating shareholders on further progress in the near term."  

For further information please contact:

Fiona MacAulay		Chief Executive, Echo Energy plc	[e-mail]
James Parsons		Chairman, Echo Energy plc	[e-mail]
John Treacy		ZAI Corporate Finance Ltd. (Nominated Adviser)	020 7060 2220
Oliver Stansfield Jonathan Evans		Brandon Hill Capital (Broker)	020 3463 5000
Patrick d'Ancona Chris McMahon Ali Roper		Vigo Communications (PR Adviser)	020 7830 9700

The information contained within this announcement is considered to be inside information prior to its release as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

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