TIDMECHO

RNS Number : 1858T

Echo Energy PLC

13 November 2019

13 November 2019

Echo Energy plc

("Echo" or the "Company")

Completion of Acquisition

Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce that the acquisition by the Company of a 70 per cent. initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks (the "Santa Cruz Sur Assets"), from Petrolera El Trebol SA, a subsidiary of Phoenix Global Resources plc has now completed.

Martin Hull, Chief Executive, commented:

"I am delighted to complete this transaction, which will be a key catalyst for Echo. We believe we have secured a very attractive price for a package of assets which provide the Company with a balanced, revenue-generating portfolio with significant upside as well as exciting near-term drilling opportunities. I look forward to updating shareholders on our progress in due course, not least as we finalise preparations for drilling at Tapi AIke."

Terms defined in the Circular dated 22 October 2019 apply throughout this announcement, unless the context requires otherwise.

For further information, please contact:

 
 Echo Energy                                   via Vigo Communications 
  Martin Hull, Chief Executive Officer 
 Vigo Communications (PR Advisor) 
  Patrick d'Ancona 
  Chris McMahon 
  Simon Woods                                     +44 (0) 20 7390 0230 
 Cenkos Securities (Nominated Adviser) 
  Ben Jeynes 
  Katy Birkin                                     +44 (0) 20 7397 8900 
 Hannam & Partners (Joint 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

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

ACQUUSWRKNAAAAA

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November 13, 2019 02:00 ET (07:00 GMT)

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