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Echo Energy Provides an Production Update in Argentina

Source: www.gulfoilandgas.com 2/5/2020, Location: South America

Echo Energy, the Latin American focused upstream oil and gas company, provides an update on production from the Company's recentlyacquired 70% non-operated workinginterest in the Santa CruzSurassets, onshore Argentina.

Average net daily production (net to Echo's 70% interest) from Santa Cruz Sur for the period from 1 November 2019, the effective date of the acquision, to 31 January 2020 was 2,481 boepd (including 560 bbls of oil and condensate per day, and 11.5mmscf of gas per day). Total producon from Santa Cruz Sur in the period from 1 November 2019 to 31 January 2020 net to Echo was 228,249 boe (including 51,561 bbls of oil and condensate and 1,060mmscf of gas). During the period an aggregate of 165 net mmscf of gas produced at the wellhead was utilised in the field for fuel and power.

Between 1 November 2019 and 31 January 2020 there were a total of four cargo li8ings of oil and condensate, of an aggregate of 27,082 bbls net to Echo, with an average sales price (including where applicable VAT recovery) of US$ 52.1 per barrel of oil equivalent. In addition, a fi8h cargo of oil and condensate, in excess of 15,000 bbls of oil equivalent net to Echo is currently in the process of being loaded at port and is expected to be completed in the coming days.

Delivery of produced gas to customers has continued without interrupon, at an average realised price, reflecve of the current season (including where applicable VAT recovery), of US$ 2.21 per mmbtu (prices ranging from US$1.6 to US$4.5 per mmbtu during the period). As is typical of the Argentina gas market current summer gas prices are at a discount to annual averages.The Company expects to achieve higher realised prices in wintermonths. The Company looks forward to updating shareholders on tesng operaons at the Campo Limite (CLix-1001) well at Santa Cruz Sur, which are expected to commence in the second half of February 2020,and on the results of the Campo LaMatax-1well (CLMx-1) atTapi Aike in due course.

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