07:00 Fri 06 Mar 2020
Echo Energy PLC - Operational and Corporate Update
("Echo" or "the Company")
Operational and Corporate Update
Production and Operational Update
Average net daily production from
Production over the period from
During
The Company confirms receipt of full payment for the cargo lifted on 5 February with payment for the second cargo expected, as per normal payment terms, in the second half of March.
Delivery of produced gas to customers has continued without interruption, at an average realised price, reflective of the current season (including where applicable VAT recovery), of US$2.72 per mmbtu (prices ranging from US$1.5 to US$5.1 per mmbtu during the period). As demonstrated by the c. 19% increase in average gas price achieved during
Whilst the Company's production in
As at
The implementation of this facility is a proactive step intended to provide the Company with access to additional working capital in the short term, if required, including in the event of a continued decline in oil demand driven by recent global events and any, as of yet unforeseen, local impacts.
Extension of Existing Loan
The Company also announces that it has agreed a two-year extension of the Loan.
The interest rate of the Loan, which was previously due for repayment on
In connection with the extension of the Loan, the Lender has been issued with 3,571,428 warrants to subscribe for new ordinary shares in the Company at a price of
Campo Limite Testing Update
The Company looks forward to updating shareholders on testing operations at the Campo Limite (
For further information, please contact:
|
via |
Patrick d'Ancona
|
+44 (0) 20 7390 0230 |
Cenkos Securities (Nominated Adviser)
|
+44 (0) 20 7397 8900 |
Shore Capital (Corporate Broker) |
+44 (0) 20 7408 4090 |
Note
The assignment of Echo's 70% non-operated participation in the Santa Cruz Sur licences is subject to the authorisation of the Executive Branch of
bbls means barrels; boepd means barrels of oil equivalent per day; mmscf means million standard cubic feet; and mmbtu means million British Thermal Units.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the
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