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 2017.
- Company relaunched as a Latin American, exploration led, gas focused E&P, refinanced and renamed ‘Echo Energy plc’ (formerly ‘Independent Resources plc’)
- New executive team appointed including Fiona MacAulay as CEO
- Non-executive directors James Parsons, Marco Fumagalli and Steve Whyte appointed to the board
- Acquisition of a 50% working interest across 4 blocks in the Santa Cruz province in Argentina with CGC (Compañía General de Combustibles S.A.) completed 3 January 2018. Signature of Joint Evaluation Agreement with Pluspetrol on Huayco block and a Technical Evaluation Agreement with Pluspetrol and YPFB over the Rio Salado block in Bolivia
- Divestment of legacy non-core assets
- Cash balance at 31 December 2017 of £19.7 million
The Chairman, James Parsons and Chief Executive Officer, Fiona MacAulay stated: “2017 was a transformational year for the Company. Q1 saw the emergence of a well-capitalised South America focused gas exploration company targeting multi-TCF potential. At Board and senior management level there have been a series of changes which have materially strengthened the Company’s technical and operational capabilities in the region and position the Company ideally to capitalise on the opportunities we see in the current asset base and across Latin America.
In a relatively short space of time your Company has come to be viewed as one of the premier independent explorers in the region and this reputation among state oil companies and in-country majors has provided access to world class acreage in both Bolivia and Argentina. We have since focused on the rapid technical development and de-risking of our portfolio to achieve drill readiness. We are excited by the multiple drilling and workover opportunities in 2018, including the initial results of the first successful workover announced on Friday 13 April, which will have the potential to add production, cashflow and additional reserves to the portfolio.”