Echo Energy plc, the South and Central American focused upstream oil and gas company, is pleased to announce its audited results for the financial year ended 31 December 2018.
- Successful acquisition and reverse takeover process concluded and capital raisings during the period;
- Commenced the 3D seismic acquisition programme on the Tapi Aike licence in Argentina (post period end);
- Maiden Latin American revenues achieved during the period of US$8.8 million;
- Drilled four exploration wells in the Fracción C, D and Laguna de Los Capones licence, completed a 3 well workover programme and four pulling jobs in Argentina;
– In Bolivia, signed Rio Salado TEA with YPFB and continuing JEA with Pluspetrol over Huayco; and
– Cash balances as at 31 December 2018 of US$15.6 million.
Commenting, Martin Hull, Echo’s Managing Director and Chief Financial Officer, said:
“Having secured the world class Tapi Aike asset as part of an extensive acreage position in South America, Echo delivered on an ambitious work programme with four exploration wells drilled and three workovers completed safely and within budget. Ever cost-conscious, negotiations for the Tapi Aike seismic campaign translated into a significant discount, securing the acquisition of the full 1,200 square kilometre seismic commitment which will take us into the next stage of Echo’s development. 2019 looks very exciting as we work towards drilling Tapi Aike, evaluating Bolivia and continuing to maximise returns across the portfolio.”