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13 Nov 2019 07:00
13 November 2019
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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.
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Martin Hull, Chief Executive, commented:
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"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."Ā
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Terms defined in the Circular dated 22 October 2019 apply throughout this announcement, unless the context requires otherwise.
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For further information, please contact:
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Echo Energy Martin Hull, Chief Executive Officer Ā | via Vigo Communications |
Vigo Communications (PR Advisor) Patrick d'Ancona Chris McMahon Simon Woods Ā | +44 (0) 20 7390 0230 |
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin Ā | +44 (0) 20 7397 8900 |
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell Ā | +44 (0) 20 7907 8500 |
Shore Capital (Joint Corporate Broker) Jerry Keen Ā | +44 (0) 20 7408 4090 |
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