Completion of Acquisition
Updated : 07:03
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
| +44 (0) 20 7390 0230 |
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
| +44 (0) 20 7397 8900 |
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell
| +44 (0) 20 7907 8500 |
Shore Capital (Joint Corporate Broker) Jerry Keen
| +44 (0) 20 7408 4090 |
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