RNS Number: 9341 N Echo Energy PLC 26 May 2020 TR-1: S tandard form for notification of major holdings. 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.
Echo Energy, the Latin American focused upstream oil and gas company is pleased to announce that at the meeting of the holders of the Company's Luxembourg listed EUR 20.0 m 8.0% secured notes held earlier today, the proposals to restructure the Notes as announced on 9 April 2020 were duly passed by the requisite majority- with votes representing EUR 8.1 m of the...
Echo Energy Plc (ECHO.L) Announced an operational update regarding the company's producing assets at Santa Cruz Sur. Daily production and operations in the field have continued uninterrupted, delivering produced gas to customers. Production levels remain, and are expected to remain, in line with the company's expectations with net production 2020 year to date, over the period from 1 January to 17 May 2020, of an aggregate of 310,474 barrels of oil equivalent (including 59,779 barrels of oil and condensate and 1,504 million standard cubic feet of gas), an average production rate of 2,250 barrels of oil equivalent per day. #ECHO
RNS Number: 4078 N Echo Energy PLC 20 May 2020 20 May 2020. Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding the Company's producing assets at Santa Cruz Sur.. As a result the weighted average contracted gas sales price for these months, of US $3.56 per mmbtu, is expected to be 41% higher than the...
Echo Energy, the Latin American focused upstream oil and gas company, provides an update on local oil prices in Argentina, following a government decree that was signed and published on the evening of 19 May 2020.. In order to support and promote the local hydrocarbon industry, the government of Argentina signed and published a decree to, amongst other matters,...
Echo Energy Plc #ECHO Announced the entry of an amendment (the Amendment) to the company's €5.0 million 8.0% secured convertible debt facility (the Loan) entered into with Lombard Odier Asset Management (Europe) Limited (Lombard Odier). Under the Amendment it has been agreed that the company has not and will not be required to make the previously required 31 March 2020 quarterly interest payment under the Loan, removing the previously announced event of default, and that no further payments will be required of the company under the Loan prior to 31 March 2021. Instead, 2020 interest under the Loan shall accrue and be calculated on the last business day of December 2020 so as to form part of the principal amount of the Loan. For the period from and including the last business day of December 2020 and until maturity of the Loan, interest shall be calculated and payable on a quarterly basis. As part of the Amendment, the approval of the restructuring of the Company's Luxembourg listed €20.0 million 8.0% secured notes (the Notes), which will be put to the noteholders at an adjourned noteholder meeting, to be held on 22 May 2020, is required within 90 days of the date of the Amendment as a condition subsequent.
Successful Amendment to EUR 5 million Loan Agreement. The Company is pleased to announce entry of an amendment to the Company's EUR 5.0 m 8.0% secured convertible debt facility entered into with Lombard Odier Asset Management Limited. As part of the Amendment, the approval of the restructuring of the Company's Luxembourg listed EUR 20.0 m 8.0% secured notes,...
Echo Energy, the Latin American focused upstream oil and gas company, announces, further to the Company's announcement of 9 April 2020 in respect of the Company's proposals for the restructuring of the Company's Luxembourg listed EUR 20.0 m 8.0% secured notes, that the meeting of the holders of the Notes convened for earlier today to consider the Proposals was...
RNS Number: 3801 K Echo Energy PLC 21 April 2020. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Echo Energy #ECHO - An update from Argentina today, at Santa Cruz Sur gas production continues as normal but the company are shutting-in the oil production with low associated gas, reducing production by c.130 b/d all of which can be brought back online within 5 days. They are also selling around half of their crude in storage around 13,200 barrels holding the remaining 12,613 bbls. Cost reductions continue, monthly G&A is down by 50% on 2019 levels and are in ongoing operations and deferrals or cancellations of non-essential activities. They have successfully entered into a key customer contract at $4.2 per mmbtu and cash receipts already announced of $360,434 have been received. Finally the Campo Limite testing, having been delayed, has now been suspended and in favour of a programme of well interventions and workovers. Echo has worked fast to cut costs and effectively restructure the business and I am impressed with this significant progress.
Echo Energy Plc #ECHO announced an update on production and operations, and on progress in relation to cost reduction and cash management initiatives to ensure cash flow positive operations at Santa Cruz Sur and substantially reduce costs at the corporate level. Daily production and operations in the field continue with delivery of produced gas to customers continuing without interruption. Production over the period from 1 November 2019 to 10 April 2020 reached an aggregate of 393,254 barrels of oil equivalent (boe) net to Echo (including 88,728 barrels (bbls) of oil and condensate and 1,827 million standard cubic feet (mmscf) of gas). As a response to prevailing oil prices and the company's expectation of achieving higher gas prices moving into the southern hemisphere autumn and winter, the company and its partners in Santa Cruz Sur have decided to focus field operations on the production of gas and, as part of this initiative, ten producing oil wells have been temporarily shut in, reducing gross oil production by approximately 130 bbl of oil per day in the first instance.
RNS Number: 6521 J Echo Energy PLC 15 April 2020. Santa Cruz Sur monthly cash outflows reduced by 50%. Echo Energy, the Latin American focused upstream oil and gas company, provides a further update on production and operations, and on progress in relation to cost reduction and cash management initiatives to ensure cash flow positive operations at Santa Cruz Sur...
Echo Energy, the Latin American focused upstream oil and gas company, announces, further to the Company's announcement of 1 April 2020, that following constructive discussions with certain holders of the Company's Luxembourg listed EUR 20.0 m 8.0% secured notes it has today published its proposals in respect of a restructuring of the Notes and that a...
RNS Number: 4451 I Echo Energy PLC 01 April 2020. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 4447 I Echo Energy PLC 01 April 2020. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Echo Energy #ECHO - An update this morning from Echo who are in the middle of debt restructuring. The £1m loan has been amended and is now not required to make the quarterly payment due on 31/3/20 and has been restructured so no further payment is due until 31/3/2021. Also, support from the holders of the €5m convertible has indicated continued support for the company and negotiations for the deferral of 2020 interest payments continue and default rights have been waived. Finally, the company are aware that deferral of the €20m notes payment will require approval at a meeting of note holders who are aware of the company’s request to defer interest payments also due on 31/3/20. ‘The Company confirms that it has not met the 31 March 2020 Notes interest payment and as a result the Company will be in default on the Notes until such time as Note Holder approval is received for a restructuring of Note interest payments. The Company will convene a meeting of the Note Holders as soon as is reasonably practicable’. The company had flagged to its lenders and the market that it was hoping to renegotiate its debt so the technical default should not cause any disturbance in the market and the acquiescence so far of its financing partners is pretty good under the circumstances.
The Company is pleased to announce entry of an amendment to the Company's £1.0 million 12.0% loan facility such that the Company has not been required to make the previously required quarterly interest payment under the £1 m Loan on 31 March 2020 and no further payment will be required of the Company under the £1 m Loan prior to 31 March 2021.
Echo Energy Plc
ECHO.L
Echo Energy Plc
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Company Profile

Echo Energy is a full cycle, exploration led, gas focused AIM-listed E&P with an exciting asset base in Latin America. We have an ambitious growth strategy to deliver shareholder value from both the existing portfolio and new opportunities.

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