31 January 2018
Echo Energy plc
("Echo" or the "Company")
Corporate Update and New Website
Echo Energy plc, the South and Central American focused upstream oil and gas company, is pleased to provide an update in relation to the Company's recently completed Argentinian acquisition.
In January 2018, Echo completed the acquisition of 50 per cent. interests in each of the Fracción C, Fracción D and Laguna De Los Capones concessions and in the Tapi Aike exploration permit (the "Assets") and is now pleased to confirm that all requisite ancillary operational documentation, including the Joint Operating Agreements for the Assets, are in final agreed form.
The Company is therefore now ready to initiate its busy 2018 Argentinian work programme. In anticipation of the 2018 work programme, tenders for the planned seismic acquisition have been issued, the slot in the rig schedule for the transformative four exploration well programme at Fracción C is reserved to commence in Q2 2018 and the permitting of those four well locations is now in progress. The Company looks forward to updating investors further shortly.
As at 31 January 2018, the Company had unaudited current cash balances of approximately USD 32 million and does not require further funding to complete the Company's 2018 exploration drilling programme. The Company will not proceed with the intended Open Offer previously announced on 3 January 2018.
A new website for the Company has now been launched (www.echoenergyplc.com) and the Company invites investors to the next web based Q&A session 'Time with the team' at 3.00 p.m. on 7 February 2018.
Defined terms used in this announcement have the same meaning as set out in the Company's admission document dated 15 December 2017.
For further information please contact:
Echo Energy plc Fiona MacAulay, CEO Will Holland, CFO |
[email protected] [email protected] |
Smith & Williamson (Nominated Adviser) Azhic Basirov David Jones Ben Jeynes |
+44 (0)20 7131 4000 |
Hannam & Partners (Advisory) LLP (Financial Adviser and Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell |
+44 (0)20 7907 8500 |
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Kate Rogucheva |
+44 (0)20 7830 9700 |
The information contained within this announcement is considered to be inside information prior to its release as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
