Echo Energy PLC - Latin America-focused energy company - Completes deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million to Selva Maria Oil SA and Interoil Exploration & Production ASA. Deal had been announced in May. The sale is intended to provide near-term funding to cope with current challenges, it said at the time.
Chief Executive Officer Martin Hull says: "We are delighted to have completed the transaction, which marks a transformational milestone for the company. Whilst there are challenges and opportunities, ahead of us as we look to move into a new phase for Echo, we are excited about the path we are now on and look forward to updating shareholders, whom we thank for their ongoing support."
Current stock price: 0.033 pence, down 13%
12-month change: down 89%
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Echo Energy (ECHO)