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Echo Energy says it continues to target investments to build production

Echo secured its business through recent challenges and strengthened its position.

Echo Energy PLC - Echo Energy says it continues to target investments to build production

Echo Energy PLC (LON:ECHO) told investors that it continues to make selective and highly targeted investments to build its production and development base.

At the same time, the Argentina focussed group put in place cost saving measures but retained operational capability.

Revenue for the first half amounted to US$5.6mln, comprising US$3.5mln from gas sales and US$2.1mln.

READ: Echo eyes exciting project at Monte Aymond

The company reported a loss of US$5.7mln, narrowed from US$7.7mln in the same period of 2019, and, Echo said it marks the success of its successful cost savings drive.

Echo ended June with a cash balance of US$1.2mln.

“The first six months of 2020 have seen significant challenges for companies globally, let alone in the sector, and Echo Energy has adapted swiftly and proactively to protect its workforce, restructure debt, reduce costs, conserve cashflow, and adapt its portfolio with a focus on profitable growth,” said chief executive Martin Hall.

“These important actions have secured the business through recent challenges and strengthened the company's position as it looks to the future.”

Quick facts: Echo Energy PLC

Price: 0.37 GBX

Market: AIM
Market Cap: £2.98 m

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