Echo Energy PLC – ECHO – Half-year Report

Echo Energy PLC – ECHO – Half-year Report

Echo Energy, the Latin American focused upstream energy company, announces its unaudited interim results for the six months ended 30 June 2020.

H1 2020 Highlights

·    Successful integration of the Santa Cruz Sur assets acquired in November 2019

·    Revenue increased to US$5.6 million (H1 2019: US$2.7 million)

·    Total net aggregate H1 2020 production of 390,844 boe (including 65,203 bbls of oil and condensate and 1,954 MMscf gas)

·    Unaudited cash balances as at 30 June 2020 of US$1.2 million

·    Completion of first Tapi Aike drill, Campo La Mata x-1 well

·    Initial workover success in the Chorrillos block at Santa Cruz Sur

·    Identification of an intensive and low cost workover plan at Santa Cruz Sur

·    Successful debt restructuring

·    Substantial reductions to operational and administration costs

Post Period End Highlights

·    Monte Aymond in the Palermo Aike licence matured to commercial project status

·    Successful restructuring of Tapi Aike interest in July 2020 line with the Company’s focus within its portfolio on cash generative production and on reducing costs

·    Completion of equity placing to raise net proceeds of approximately US$0.6 million to strengthen the Company’s cash position

·    Ongoing focus on disciplined cost and cash management

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