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Echo Energy Agrees Extension To Farm In Talks Date With CGC To Feb 2

LONDON (Alliance News) - Echo Energy PLC on Thursday said it has agreed an extension to farm-in ...

Alliance News 7 December, 2017 | 3:27PM
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LONDON (Alliance News) - Echo Energy PLC on Thursday said it has agreed an extension to farm-in talks with Compania General de Combustibles SA.

Earlier in the month Echo Energy said it had signed a binding agreement for the acquisition of 50% interest in each of the Fraccion C, Fraccion D, Laguna de los Capones and Tapi Aike licences, each located onshore Argentina.

The gas company said that while progress continues to advance in relation to the farm-in deal, it has now agreed to extend the closing date from December 29 to February 2, 2018 or a subsequent date which the parties may mutually agree.

The concessions and the exploration permits are each currently held 100% by Compania General de Combustibles, a subsidiary of Argentinian conglomerate Corporacion America International.

The four licences sit in the Austral Basin of Santa Cruz province in Argentina and cover a total of 11,153 square kilometres, the company said. The deal is expected to provide the company with a compelling blend of multi trillion cubic feet exploration potential, appraisal and production.

As the transaction constitutes a reverse take over, shares in Echo Energy are suspended from trading, pending publication of an admission document by the company.

By Gem Sofianos; gemsofianos@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Echo Energy PLC 17.50 GBX 13.82 -
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