Echo Energy Announces Results for the Year Ended 31 December 2019

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce its audited results for the financial year ended 31 December 2019.

2019 Highlights

· Completed acquisition of 70% non-operating interest in five mature producing blocks, Santa Cruz Sur, in November 2019:

- Estimated reserve base as of end 2019 was 3.8 MMboe 1P & 12.1 MMboe 2P*
- Producing at 2,505 boepd net to Echo (70% interest) in November and December 2019
- Total production in November and December 2019 of 152,819boe
- Campo Limite exploration well (spud in Q4 2019) on Palermo Aike block at Santa Cruz Sur

· Completed 3D seismic acquisition over 1,200km2 in Tapi Aike

· Delivered first well in 4Q 2019 at (Chiripa Oeste) Tapi Aike

· Successful restructuring of asset portfolio and US $1m reduction of G&A expenses over 2018 levels

Commenting, Martin Hull, Echo's Chief Executive Officer, said:

"We started 2019 with the seismic acquisition campaign across Tapi Aike, safely acquiring 1,200km² worth of quality data on schedule and on budget and then ended the year with our first well in the Tapi Aike block, the culmination of a tremendous amount of work. During the year we successfully restructured our portfolio, relinquishing assets without future growth, 'rightsized' our interest in Tapi Aike and made the important acquisition of producing assets with a strong reserves base in Santa Cruz Sur. This brought cash-generation into the business along with a pipeline of development opportunities and additional near field exploration potential, with a second exploration well spud before year end. Although 2020 has brought with it some very serious global challenges, the work Echo accomplished in 2019, and the team that we have in place, means we are well positioned to meet these challenges and maximise the value creation potential from our existing portfolio and look to positively move forward with further future value creation opportunities. "