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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Echo Energy Plc | LSE:ECHO | London | Ordinary Share | GB00BF0YPG76 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0041 | 0.004 | 0.0042 | 0.0041 | 0.0041 | 0.0041 | 8,324,340 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 14.11M | -9.59M | -0.0017 | 0.00 | 0 |
TIDMECHO
RNS Number : 1242I
Echo Energy PLC
15 June 2017
15 June 2017
Echo Energy plc
("Echo" or the "Company")
Egypt Divestment
Further to the announcement on 18 April 2017 and consistent with the Company's strategy to build a LATAM exploration business, the Company is pleased to confirm it has now sold its legacy Egyptian business.
The Company has entered into an agreement to sell its 25% effective working interest in its Egyptian East Ghazalat licence to its Joint Venture partner, Nostra Terra plc. The sale is for a total consideration of USD $500,000, split into three tranches. An immediate payment of USD $100,000 is payable when the Egyptian General Petroleum Corporation approve the registration of any member of the buyer's Group as a party to the concession. The balance of the consideration is payable in two tranches triggered upon achievement of two performance milestones, namely production of 800 bopd from the area for 30 consecutive days and production of 1,000 bopd from the area for 30 consecutive days.
The consideration is payable in either cash or shares. Where the consideration is shares, the quantity of shares issued shall be determined by dividing the relevant consideration by the lower of: (i) the mid-market closing price of the buyer shares as traded on AIM on the dealing day prior to the date of this Agreement; and (ii) the mid-market closing price of the buyer shares as traded on AIM on the dealing day prior to the date upon which the relevant Consideration is payable.
James Parsons Echo Energy plc j.parsons@echoenergyplc.com Fiona MacAulay Echo Energy plc f.macaulay@echoenergyplc.com ZAI Corporate Finance John Treacy Ltd. 020 7060 2220 (Nominated Adviser) Oliver Stansfield Brandon Hill Capital Jonathan Evans (Broker) 020 3463 5000 Patrick d'Ancona Chris McMahon Vigo Communications Ali Roper (PR Adviser) 020 7830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRUSRWRBVANAAR
(END) Dow Jones Newswires
June 15, 2017 02:00 ET (06:00 GMT)
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