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Echo Energy Announce First Oil Export Cargo

Source: 4/18/2018, Location: South America

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce that its first export cargo of oil was loaded from the Punta Loyola terminal, Rio Gallegos, on to the New Conquest tanker over the weekend of 14 April 2018.

Echo's share of the cargo from Q1 oil production from Fraccion C and Fraccion D was approximately 25,000 barrels and the cargo was sold to Vitol. The final realised sale price is based upon the average Brent price for the 5 days following loading and will be at a discount of approximately US$6 per barrel to the average Brent price during that period which is currently sitting at over US$ 71.5 per barrel.

Additionally, during Q1 all sales gas produced in the period (245.1 million standard cubic feet net to Echo) has been sold into the Argentinian market at an average realised price of US$4.21 per mmbtu (pricing ranging from US$3.04 to US$5.53 per mmbtu during the period). An additional 81.5 million standard cubic feet produced at the wellhead has been utilised in field for fuel and power.

Total sales receipts net to Echo before royalty, tax and operating expenses for Q1 2018 are therefore anticipated to be approximately US$2.7 million.

Fiona MacAulay, Chief Executive Officer of Echo, commented:
'Loading our first cargo was a significant step for Echo, particularly with Brent currently trading at a sustained US$70 / barrel for the first extended period during 2018. We are also delighted that gas sales have remained strong and our realised blended price for those has been in excess of US$4.20 per mmbtu throughout the summer season in Argentina. Receipt of maiden LATAM revenues in Q1 marks an important milestone in the Company's mission to become an exploration-led gas-focused mid-cap E&P, delivering value for shareholders.'

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