Extension of Acquisition Agreement

4 November 2019

Echo Energy

("Echo" or the "Company")

Extension of Acquisition Agreement

Echo Energy, the Latin American-focused upstream oil and gas company, announces that it has agreed an extension to the Acquisition Agreement, in connection with the Company's proposed Acquisition described in the the circular posted to Shareholders on 22 October 2019 (the "Circular"), with the Vendor such that the Waiver required to be received from the minority co-owner of the Santa Cruz Sur Assets is now required to be received on or before 6 November 2019. Substantial progress in obtaining the Waiver has been achieved and the extension is intended to provide sufficient time for the Waiver to be delivered. The Company expects to receive the Waiver shortly, but should the Waiver not be received by the Company on or before 6 November 2019, and absent further extensions, the Acquisition Agreement would terminate and the Acquisition, the Conditional Subscription and the Debt Facility would not proceed.

Completion of the Acquisition also remains conditional on the passing of the Resolutions at the General Meeting of the Company to be held on 7 November 2019.

Terms defined in the Circular apply throughout this announcement, unless the context requires otherwise.

For further information, please contact: