Echo Energy PLC Corporate Update and New Website (4372D)
31 January 2018 - 6:00PM
UK Regulatory
TIDMECHO
RNS Number : 4372D
Echo Energy PLC
31 January 2018
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 f.macaulay@echoenergyplc.com
Will Holland, CFO w.holland@echoenergyplc.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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