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