Echo Energy PLC - producing from Santa Cruz Sur project, onshore Argentina - On Thursday last week, holders of EUR20.0 million in 8.0% secured notes issued by Echo agree to restructure the notes. Note holders representing EUR10.5 million in notes approved the plan by 67%. The deal, if approved by Echo shareholders at a general meeting called for Monday next week, will see EUR15.0 million of debt principal, plus accrued interest, will be converted into new shares at 0.45 pence per share. Earlier in the week, Echo had reported that it produced 392,253 barrels of oil equivalent in the first nine months of 2022, with net production increasing in the third quarter from the second.
"This is a very significant moment for Echo Energy," Chief Executive Officer Martin Hull says on Thursday. "It marks the successful culmination of efforts over recent years to restructure the balance sheet and overcome the financial constraints that have been holding the company back."
Current stock price: 0.23p, down 1.9% in London on Tuesday
12-month change: down 65%
By Tom Waite; thomaslwaite@alliancenews.com
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Echo Energy (ECHO)