Echo Energy PLC Board Changes and Operations Update (0378K)
11 December 2018 - 6:01PM
UK Regulatory
TIDMECHO
RNS Number : 0378K
Echo Energy PLC
11 December 2018
11 December 2018
Echo Energy plc
("Echo" or the "Company")
Board Changes and Operations Update
Echo Energy, the Latin American focused upstream oil and gas
company, announces Board changes and provides an update on its
planned operational programme across its licences in Southern
Argentina.
Board Changes
The Company announces that Fiona MacAulay will be moving from
her current role as Chief Executive Officer to that of a
Non-Executive Director of the Company at the end of 2018. The Board
has appointed Martin Hull, the Company's CFO, as Managing Director
with immediate effect. Martin Hull will, at the request of the
Board, be actively supported by the Company's Non-Executive
Chairman and, for a transitionary period until 31 March 2019, by
Fiona MacAulay.
Tapi Aike - Seismic Acquisition
The Company is pleased to announce that the mobilisation of the
equipment to acquire 1200km(2) of 3D seismic on the Company's high
impact Tapi Aike exploration acreage from Neuquén Province by the
seismic contractor UGA is due to commence imminently. The seismic
acquisition programme, lasting approximately 4 months, will follow
once all equipment has arrived on site and parameter testing is
completed early in 2019.
The Company believes that the Tapi Aike licence offers a
compelling multi Tcf exploration proposition and, following
completion of the upcoming seismic acquisition programme and
subsequent data interpretation, the Company currently expects to
define an initial 4 well exploration drilling programme with each
well estimated to cost between US$2 million and US$5 million net to
Echo.
CDL - Well Stimulation Programme Timing
Commencement of the stimulation of the EMS-1001 well, drilled in
June 2018 on the Company's Fracción C licence, onshore Argentina,
is now scheduled to commence in approximately 4 weeks following
minor delays in the releasing of equipment from its current third
party contract. The Company will update the market once the
equipment is on site and stimulation operations are ready to
commence.
James Parsons, Chairman, commented:
"It has been a huge pleasure to work with Fiona in these early
stages of Echo's development and I would like to thank her for her
significant contribution in securing our Argentinian portfolio,
drilling four wells, completing various workovers and in
strengthening and deepening the executive team. At this stage in
her career Fiona wishes to develop a Non-Executive portfolio and we
look forward to having the benefit of her continuing input as a
fellow Director of the Company.
I am very pleased that Martin will be taking the reins, bringing
his extensive international transaction experience as we continue
to drive transformational growth and build an even stronger
platform for value creation for our shareholders in the
future."
Cancellation of Options
Reflecting the board change, 20 million options to subscribe for
new ordinary shares at a price of 16.12 pence per new ordinary
share and 2 million options to subscribe for new ordinary shares at
a price of 13.25 pence per new ordinary share previously held by
Fiona MacAulay have been cancelled by mutual agreement. As a
result, Fiona MacAulay is now interested in 226,099 ordinary shares
in the Company, representing 0.05% of the Company's issued ordinary
share capital and 4 million options to subscribe for new ordinary
shares in the Company at a price of 16.12 pence per ordinary share
(the "Options"). The Options vest on 5 July 2020 and are
exercisable any time thereafter until 5 July 2022.
The notification below, made in accordance with the Market Abuse
Regulation, provides further detail in relation to the cancellation
of options.
For further information please contact:
Echo Energy plc
Fiona MacAulay, CEO f.macaulay@echoenergyplc.com
Martin Hull CFO m.hull@echoenergyplc.com
Smith & Williamson (Nominated
Adviser)
David Jones
Ben Jeynes
Katy Birkin +44 (0)20 7131 4000
Hannam & Partners (Corporate
Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Shore Capital (Joint Corporate
Broker)
Jerry Keen +44 (0)20 7408 4090
Vigo Communications (PR Adviser)
Patrick d'Ancona
Chris McMahon +44 (0)20 7390 0230
Note
The assignment of Echo's participation in the Fracción C,
Fraccíon D, Laguna Los Capones and Tapi Aike licences is subject to
the authorisation of the Executive Branch of Santa Cruz's Province,
which is part of the overall process of title transfer that is
proceeding as anticipated. The licences are operated by Compan i a
General de Combustibles S.A. ("CGC").
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Fiona Margaret Barkham (Fiona MacAulay)
-------------------------------------- ---------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------------
a) Position/status PDMR (Director)
-------------------------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Echo Energy plc
-------------------------------------- ---------------------------------------------
b) LEI 2138006SNII7SKIGG445
-------------------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------------------------
a) Description of the Options to subscribe for new ordinary
financial instrument, shares of 0.25p each
type of instrument
Identification code GB00BF0YPG76
b) Nature of the transaction Cancellation of options
-------------------------------------- ---------------------------------------------
c) Price(s) and volume(s)
------------------- ---------------------
Price(s) Volume(s)
------------------- ---------------------
16.12p 20,000,000
------------------- ---------------------
13.25p 2,000,000
------------------- ---------------------
d) Aggregated information n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 11 December 2018
-------------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- ---------------------------------------------
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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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