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Echo Energy #ECHO – Block Admission Update

echo

Block Admission Interim Review:

 

Echo Energy plc, the Latin American focused upstream energy company, provides an update in relation to the Company’s block admission arrangements (the “Block Admissions”) in respect of new ordinary shares of 0.25p in the Company (“Ordinary Shares”) which may be issued as a result of future exercises of existing warrants and options. The Block Admissions have been put in place to enable the Company to handle any future exercises of existing warrants and options in an efficient manner. 

 

Block Admission Interim Review:

 

Pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies, the Company provides the following notification regarding its Block Admissions.

 

 

Name of the company:

 

 

Echo Energy plc

 

Name of scheme:

 

1.Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2017 (the “March 2017 Warrants”). The grant of the March 2017 Warrants was announced by the Company on 6 March 2017 and were granted as part of the institutional investment and Board changes described therein;

 

2. Options to subscribe for new Ordinary Shares at a price of 1.625p per new Ordinary Share granted by the Company to certain of the Company’s employees in March 2017 (the “March 2017 Options”). The grant of the March 2017 Options to certain of the Company’s employees was announced by the Company on 6 March;

 

3.  Warrants to subscribe for new Ordinary Shares at a price of 3.0p per new Ordinary Share issued by the Company in November 2019 (the “November 2019 Warrants”). The issue of the November 2019 Warrants, which were issued in connection with the Company’s €5.0 million secured debt facility put in place at that time, was first announced by the Company on 21 October 2019; and

 

4.  Warrants to subscribe for new Ordinary Shares at a price of 1.4p per new Ordinary Share issued by the Company in March 2020 (the “March 2020 Warrants”). The issue of the March 2020 Warrants, which were issued in connection with the extension of an existing £1.0 million secured debt facility, was announced by the Company on 6 March 2020. 

 

5. Warrants to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Placing Warrants”). The issue of the July 2020 Placing Warrants, which were issued in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.

 

6. Warrants to subscribe for new Ordinary Shares at a price of 0.8p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Fee Warrants”). The issue of the July 2020 Fee Warrants, which were issued in respect of fees incurred in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.

 

Period of return:

From:

19 March 2021

To:

11 October 2021

Number of unallotted securities not issued under the scheme(s) at the start of the period:

1:

2:

3:

4:

5:

6:

 

Total:

61,538,461

3,033,628

74,200,000

3,571,428

13,300,000

5,700,000

 

161,343,517

Plus:   The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):

1:

2:

3:

4:

5:

6:

Total:

0

0

0

0

0

0

0

Less:   Number of securities issued/allotted under scheme(s) during period:

1:

2:

3:

4:

5:

6:

Total:

0

0

74,200,000 – November 2019 Warrants cancelled on 30 March 2021

0

0

0

0

Equals:   Balance under scheme(s) not yet issued/allotted at end of period:

 

1:

 

2:

 

3:

 

4:

 

5:

 

6:

 

Total:

 

61,538,461

 

3,033,628

 

0

 

3,571,428

 

13,300,000

 

5,700,000

 

87,143,517

 

Number and class of securities originally admitted and the date of admission:

 

1:

 

2:

 

3:

 

4:

 

5:

 

6:

 

Total:

 

 

64,538,461 – 2 March 2018

 

3, 033,628 -20 March 2020

 

74,200,000 – 20 March 2020

 

3,571,428 – 20 March 2020

 

13,300,000 – 21 September 2020

 

5,700,000 – 21 September 2020

 

164,343,517

Name of contact:

AMBA Secretaries Limited, Company Secretary

Telephone number of contact:

+44 (0)20 7190 9930

 

For further information please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0)20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0)20 7408 4090

Vigo Communications (PR Adviser)

Patrick d’Ancona

Chris McMahon

 

+44 (0)20 7390 0230

 

 

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END

Echo Energy #ECHO – Operational Update

 

echo

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q3 2021.

 

Operational Update

 

The Company is pleased to announce that further to the announcement dated 26 August 2021, a further three wells from the Campo Molino oilfield have been brought online. All the recently reactivated wells are producing in-line with expectations. Maximum daily reported production achieved after these wells have been online has been around 350 bopd (net to Echo) This represents a further 20% increase from production levels announced on 26 August.

 

In the month of September liquids production net to Echo averaged approximately 290 bopd. This continues to represent an almost 50% increase in the total daily liquid production rate at Santa Cruz Sur when compared to the period immediately prior to the restoration of production from the Campo Molino field just over a month ago. Production levels from the seven reactivated wells continue to indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field, with those wells now being managed to deliver the same average monthly rate as had been achieved prior to shut in in April 2020.

 

Liquids produced at Santa Cruz Sur can cater for a variety of blend types, as and when required from customers. Given the opportunity presented by improving markets, and increases in realisable prices for higher quality products, the Company has optimised its commercial position by focussing production and sales on the highest quality blends, the prices of which have increased more quickly than other blends.

 

As a result of the demand and increased realised prices of higher quality blends, production from Santa Cruz Sur will, in the short term, be managed to focus upon production to deliver the highest quality and highest-priced blend which can be delivered from existing producing wells.

 

Martin Hull, Chief Executive Officer of Echo Energy, commented:

 

 Our pursuit of value for shareholders continues as we look at ways of maximising the price of our sales. The work we have done in recent months has borne fruit and we are now seeing materially higher prices for our higher-quality blend. This, coupled with increased production levels from the reactivated wells at Campo Molino, means we are seeing stronger cashflows as we head towards the end of the year.”

 

 

 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

 

Note

 

The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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. bopd means barrels of oil per day; bbl means barrel.

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

#Echo Echo Energy – Successful Loan Restructuring

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to announce that it has successfully agreed the restructuring of the Company’s £1.0 million loan originally provided to the Company in March 2017 and now held by Spartan Class O (the “Lender”), a sub-fund of Spartan Fund Limited SAC (the “Loan”) with the Lender.

The terms of the amendment to the Loan (the “Amendment”) are as follows:

· Maturity extended by 2 years such that the then outstanding remaining principal and accumulated accrued interest will mature on 8 March 2024 (“Maturity”) following four quarterly cash prepayments of £25,000 commencing on 31 March 2023.

· Interest reduction such that all Loan interest will be accrued and paid on Maturity at a reduced rate of 8% per annum from Amendment (previously 12% per annum) on outstanding principal on a non-compounding basis.

· 15% of the remaining £850,000 Loan principal, representing £127,500, has now been converted into 10,200,000 new Echo ordinary shares (the “Conversion Shares”) at an effective issue price of 1.25p – a premium of 108% to the closing mid market price per Echo ordinary share on 30 September 2021.  

· Conversion Shares to be locked-in for a period of 6 months from Admission (as defined below).

Prior to the Amendment the full Loan, together with interest, had been due to mature on 8 March 2022 – with quarterly cash repayments of £50,000 prior to that maturity date.  

In connection with the Amendment, the Lender has been issued with 3,096,429 warrants to subscribe for new ordinary shares in the Company at a price of 0.7 pence per new ordinary share, exercisable from the date of grant and with an expiry date of 30 September 2022.

Application has been made for the Conversion Shares, which rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM. It is expected that admission of the Conversion Shares, will occur at 8.00 a.m. on 7 October (“Admission”).

Following Admission, the Company’s issued ordinary share capital will comprise 1,309,013,085 Ordinary Shares, none of which are held in treasury. Therefore, following Admission, the total number of ordinary shares with voting rights in the Company will be 1,309,013,085 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Martin Hull, Chief Executive Officer of Echo Energy, commented: “The successful restructuring of the loan represents an important and positive step for the business as we continue to make great progress in 2021 both commercially and operationally. It materially reduces the near term cash outflow by delaying maturity whilst additionally reducing ongoing debt servicing costs, further strengthening our financial platform. These steps free additional resources to support our ongoing strategy of reinvestment in rapid payback production growth opportunities at a time of commodity price strength, reinforced by our attractively priced gas contracts. By investing in Echo at a more than 100% premium to the prevailing share price and agreeing to the lock up period, not only are the Lenders strengthening the balance sheet but also demonstrating confidence in the business and its strategy. 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

Does EV and battery tech really sound the death knell for Oil and Gas?

Future of Oil and Gas

In an era of rising demand and hype for electric vehicles (EV) and battery technology, commodities and ETFs linked to oil and gas have managed to hold their prices. EV stocks like Tesla and Nio have increased by 71% and 100% respectively in the past year. The price of WTI Crude Oil has also increased by 76%, while prices of micro-cap oil stocks like #ECHO Echo Energy and #MSMN Mosman Oil and Gas have increased by 58% and 13% respectively.

This clearly signifies that even after the rise in demand of EVs, commodities like oil and gas are here to stay in the short and long term.

Consumers are under the impression that they could be in an oil-free world by 2030 and most consumers perceive batteries and electricity as the primary source of energy. However, this is highly unlikely and nothing but a series of myths planted in our brains due to effective marketing.

The International Energy Agency (IEA) that analyses trends in energy industry, released its annual World Energy Outlook in November 2019. It looks at potential energy demand and supply under different scenarios to explore different possible futures. The IEA scenario stated a global increase in energy demand by 24% by 2040 of which, oil and natural gas will supply 64% of the world’s energy needs. In accordance with the Paris Climate Agreement, if based on the Sustainable Development Scenario, the oil and natural gas will still supply 47% of the world’s energy by 2040.

More than 15% of oil demand goes into non-combusted use including petrochemicals which is expected to grow to 20% by 2040. Even if the demand for gasoline and other fuels may hypothetically be on the decline, the petrochemical sector, in contrast, still has room to grow. Some major companies have even pledged some $100bn into the petrochemical industry over the next decade.

Developing countries like India have one of the most aggressive renewable power capacity roll-out programmes worldwide. However, its access to affordable fossil fuels remains a priority for its government because its needs for cheap oil, gas and coal continue to rise to meet energy demand that is forecast to more than double by 2040. India’s petroleum minister Dharmendra Pradhan believes the world’s third-largest oil consumer could be the “golden goose” for crude suppliers as it buys more than 80% of its oil needs from foreign crude purchases.

The graph below demonstrates that the forecasted oil demand for 2040 is higher than present day with non-combusted being the driver to increase the demand. While in the primary energy consumption chart, oil is forecasted to maintain its consumption as a primary source by 2040. Whereas the primary consumption of gas is forecasted to rise.

 

(Financial Review, 2020)

 

Texas Oil Wells

In 2018, companies in the Permian Basin – “an ancient, oil-rich seabed that spans West Texas and South Eastern New Mexico — were producing twice as much oil as they had four years earlier” whilst forecasters expected the production to double again by 2023.

The International Energy Agency (IEA) had also predicted that American oil mostly from the Permian will account for 80% of growth in global supply over the next seven years.

Some small companies already had presence in the Permian Basin before these predictions and report in 2018. In 2017, Mosman Oil & Gas (MSMN) acquired several oil and gas leases comprising the Welch Permian Basin Project for a consideration of $310,000. Although the Welch project contributed to a gross profit of $167,000 in the year ended 30 June 2020, recently Mosman sold this Welch Project for $420,000 receiving a premium of 40% from the sale of the project alone.

Mosman is steadily growing its working interests across a number of projects in Texas, including Stanley, Falcon-1, Winters and Galaxie. These have produced a gross profit of over $500,000 in the 2020 year. Stanley also has a 100% success rate with oil production from four wells drilled to date.

Texas wells are providing high returns to oil companies, and with a growing number of projects and acreage, Mosman is well placed for future growth.

South Argentina Oil Wells

Many companies own wells in Argentina and Latin America as it is considered a region rich in resources with 4% of natural gas reserves and 20% of world oil reserves. They are also often undergoing positive development in macro conditions. A strong demand outlook for energy consumption and economic growth coupled with underdeveloped – but lower cost – onshore plays, makes Latin America a favourable region for companies like Echo Energy (ECHO) to deploy its expertise in support of an exploration-led growth strategy.

For the financial year ended 31 December 2020, Santa Cruz Sur at the south-eastern tip of Argentina helped Echo Energy to increase its revenue fourfold to US $11.1mn. This was also due to Echo securing new gas sales contracts at premium rates to the prevailing spot markets in early Q1 2021.

The increase in revenue drove an significant increase in the Echo Energy (ECHO) stock price by 51% from 55p to 83p between December 2020 and January 2021.

Major and Small Suppliers of Oil and Gas

The difference between the barrels of oil supplied can be huge when major suppliers are compared to the small suppliers. But all that glitters is not gold. High supply and production would require a higher demand to be profitable, if the demand of oil stagnates in the future it will affect the major suppliers before the small suppliers.

The big 10 companies accounted for 28% of global oil production in 2020 as shown below.

When this is compared to small oil producers like Echo Energy and Mosman Oil and Gas,  Echo Energy produced a cumulative of 94,000 barrels of oil in Santa Cruz Sur in South Argentina. While Mosman Oil and Gas produced a gross of 90,000 barrels of oil in the year ended June 2020. Based on available data, the production of Echo and Mosman combined is 0.2% of the global oil demand.

This is effective during times of recession or when the global demand is low as during unprecedented times a major oil supplier to generate profits and work at full capacity would need to sell between 5-12% of oil demand while small suppliers of oil would need to fulfil a negligible percentage of global demand of oil to turn profitable. This is due to high storing and inventory costs for major oil suppliers as well as higher fixed costs due to bigger operations.

Conclusion

Therefore, even though the oil demand is perceived to be lower in the future due to alternative resources, the demand doesn’t seem to be in decline due to oil having uses other than fuel and gas for cars and transportation like non-combusted petrochemicals. Even if the demand for oil is on the decline it would not affect small oil suppliers; as working at full capacity they fulfil just a small percentage of global oil demand and still manage to make hefty profits.

These among many, are the reasons keeping the oil prices buoyant and in the mix, not only for the present day but also for the future.

Echo Energy #ECHO – Alan Green talks to CEO Martin Hull.

Echo Energy #ECHO – Alan Green talks to CEO Martin Hull.

– Santa Cruz Sur portfolio of #oil assets in #Argentina

– VAT refunds and bond restructuring

– Near 50% increase in liquids production

– Blue sky projects

 

Twitter: https://twitter.com/Brand_UK | Facebook: https://www.facebook.com/brandcommsuk | LinkedIn: https://www.linkedin.com/in/alangreenbranduk/

#ceo #oil #gas #interview #echoenergy

Echo Energy #ECHO – Operational Update – Liquid Production Increases

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for Q3 2021 until 23 August 2021.

Operational Update

The Company is pleased to confirm that following installation of the pipeline required to bring back online the liquids production which was shut in April 2020, the infrastructure has now been successfully commissioned for operation and shut-in wells are being brought online.  This follows an upgrade of the electrical infrastructure, which was designed to support the first tranche of production from the Campo Molino and Chorillos oil fields to provide sufficient power to support sustained production from the associated ten wells. These upgrades are also part of the Company’s strategy to control critical infrastructure previously rented from contractors.

To date, the Campo Molino oil field has been brought back online with four of the shut-in wells now back in operation and producing from the Springhill reservoir. This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18.

As of 23 August 2021, the recently reactivated wells have contributed to an almost 50% increase in total liquids production at Santa Cruz Sur compared to the period immediately prior to this (281 bopd gross, 197 bopd net to Echo – during the period 1 -17 August 2021). This represents an increase of 137 bopd gross, 95 bopd net to Echo and work continues to bring the remainder of the first tranche of shut-in production back online. The production levels from the initial reactivated wells indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field. Prior to shut-in, the combined gross production from the ten oil wells was approximately 138 bopd gross, 96 bopd net to Echo, approximately the same level now being achieved from the initial four wells, with the associated upgraded infrastructure.

Daily operations across the asset base in Santa Cruz Sur continue with the delivery of produced gas to industrial customers under contract with premium winter pricing being achieved. Production over the period from 1 January 2021 to 23 August 2021 reached an aggregate of 381,243 boe net to Echo, which included 48,211 bbls of oil and condensate and 1,998 mmscf of gas.

Martin Hull, Chief Executive Officer of Echo Energy, commented:

“During Q3 2021 we have continued to make significant operational progress and deliver against our objectives. Successfully increasing our liquids production is an important milestone. There remain further production upsides as we continue through the programme of reopening previously shut-in wells. Increased production combined with the continuing marked upswing in global commodity prices  materially increases our cashflows enabling reinvestment to further drive growth. The ongoing production increases have been achieved while maintaining our careful cost management in order to maximise value for shareholders.”

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications
Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900
Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

Note

The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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. boe means barrels of oil equivalent; bopd means barrels of oil per day; boepd means barrels of oil equivalent per day; MMscf means million standard cubic feet of gas.

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Alan Green talks house builders and recovery, plus Persimmon #PSN, Zenova Group #ZED and Echo Energy #ECHO on UK Investor Magazine podcast

Alan Green joins the UK Investor Magazine Podcast in the midst of the summer lull in market with holidaying traders meaning lower volumes across markets and tepid price action.

Nonetheless, we have received strong data from the ONS on UK house prices that confirmed what most in the market had already knew; Uk house prices have soared boosted by Stamp Duty Holidays and lack of supply.

We discuss Persimmon (LON:PSN), Zenova Group (LON:ZED) and Echo Energy (LON:ECHO).

Alan Green talks AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV on Vox Markets podcast

Alan Green discusses AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV with Justin Waite on the Vox Markets podcast

Echo Energy #ECHO – Operational Update – Q2 Update 2021

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for Q2 2021 until 14 June 2021. 

Operational Update 

The Company is pleased to confirm that following fabrication, installation of the pipeline infrastructure required to bring back online the liquids production previously shut in April 2020 is now complete. The schedule has been delivered in line with the timeline anticipated in the Company’s announcement of 24th February 2021.

It is expected that the first tranche of production to be brought back online will be from ten wells in the Campo Molino and Chorillos oils fields. This work to bring the initial production back online is expected to take around 15 days. When these wells were last online, the combined gross production was approximately 138 bopd gross, 96 bopd net to Echo.

This first tranche of restored production will increase the number of active producing oil wells at Santa Cruz Sur to 18. Subsequent tranches of production when brought back online should increase this active oil well stock to around 35. The programme of work to bring online the subsequent tranches of wells will be optimised both to maximise cost efficiencies and accelerate production increases.

Increasing liquids production represents delivery upon the Company’s strategy to leverage the marked upswing in global commodity prices. It is expected that the additional liquids production will contribute to a material cashflow increase.  

The Company is additionally pleased to confirm that since 1 May 2021 gas production has been sold under the previously announced new gas sales agreements, with the significantly increased winter pricing. Gas volumes not sold under long term contracts are sold to the spot market.

In May 2021, the company sold a total of 18 MMscf to the spot market at an average price of $US 5 per mmbtu representing a 151% in prices compared to the March 2021 average spot price.

Daily operations in the field at Santa Cruz Sur continue with the delivery of produced gas to customers as expected. Production over the period from 1 January 2021 to 14 June 2021 reached an aggregate of 278,600 boe net to Echo, which included 33,910 bbls of oil and condensate and 1470 mmscf of gas.

Martin Hull, Chief Executive Officer of Echo Energy, commented: 

“As we have moved into mid 2021, Echo has continued to deliver on its promises, with the pipeline infrastructure delivered to  schedule. We are now moving into a phase of increasing liquids production enabling Echo to benefit from the upswing in global oil prices and the improved macro-outlook as demonstrated by our increased frequency of oil sales. Against this global backdrop, domestic spot market gas prices have also risen markedly, and we have  been able to take advantage of this improving domestic situation. With improved economic tailwinds and new infrastructure installed in the field, we will have additional capacity to commission incremental enhancement projects within the portfolio. The increasing cashflows are expected to enable further production investments to be funded from operations. These preparations to take advantage of identified material organic growth options demonstrate Echo’s commitment to and confidence in its growth strategy in the Santa Cruz Sur assets . Our clear focus remains on creating value for our shareholders and we continue to progress opportunities to do that across the portfolio connected by our enhanced infrastructure.”  

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Communications (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

Note 

The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur 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. boe means barrels of oil equivalent; bbl/d means barrels of oil per day; boepd means barrels of oil equivalent per day; MMscf mean million standard cubic feet of gas; MMscf/d means million standard cubic feet of gas per day. 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Echo Energy #ECHO – Result of Annual General Meeting

Echo Energy, the Latin American focused full cycle energy company, advises that it held its Annual General Meeting (AGM) earlier.

The resolutions were voted on by way of a poll. Resolutions 1 to 5 were duly passed whilst resolution 6 did not meet the requisite 75% voting threshold for that special resolution to pass.

The proxy votes cast prior to the AGM were as follows:

Resolutions

For

%

Against

%

Withheld

1

140,309,493

 

99.87

 

186,808

0.13

0

2

137,434,846

97.82

3,061,455

2.18

0

 

3

137,088,704

97.60

3,368,783

2.40

38,814

4

80,078,956

57.01

60,388,574

42.99

28,771

5

136,502,821

97.20

3,925,895

2.80

67,585

6

78,704,196

56.05

61,724,520

43.95

67,585

 A “Vote withheld” is not a vote in law and is not counted in the calculation of the percentage of shares voted “For” or “Against” any resolution

For further information please contact:

 

Echo Energy plc

Martin Hull, Chief Executive Officer

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230

Shore Capital ( Corporate Broker)

Jerry Keen

 

 

Tel: 44 (0)20 7408 4090

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