leadf
logo-loader
viewEcho Energy PLC

Echo Energy PLC - Completion of Acquisition

RNS Number : 1858T
Echo Energy PLC
13 November 2019
 

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
ACQUUSWRKNAAAAA

Quick facts: Echo Energy PLC

Price: 0.375

Market: AIM
Market Cap: £3.03 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Morning Report: FTSE 100 falls as Rolls-Royce confirms 9000 job cuts

Headlines from Proactive UK newsroom. The FTSE100 made a nervy start on doubts that Moderna’s Covid-19 vaccine will pass muster. The blue-chip index dipped 30 points to 5,971. Rolls-Royce has confirmed it will shed 9,000 jobs from its global workforce of 52,000. The cuts are part of a...

on 20/5/20