(Alliance News) - Echo Energy PLC said on Thursday it has received a waiver to conditions required for its USD8.5 million Santa Cruz Sur deal.
Echo announced the deal in late October, which will see it by 70% of the Argentine on-shore production blocks from Phoenix Global Resources PLC.
The Santa Cruz Sur assets are considered to be non-core by Phoenix and produce a net 2,507 barrels of oil equivalent per day, of which 1,967 barrels is gas and 450 barrels is oil.
On Monday, Phoenix agreed to extend the deadline for Echo to meet all of the conditions; it had until Wednesday to receive a waiver from a minority shareholder in the assets. This has now been received.
The only obstacle, London-based Echo said earlier Wednesday, was for its own shareholders to back the deal, which they did at a meeting on Thursday.
Echo shares were 0.9% higher on Thursday afternoon in London at 2.87 pence each.
By George Collard; georgecollard@alliancenews.com
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Echo Energy (ECHO)