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ECHO Echo Energy Plc

0.0042
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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% 0.0042 0.004 0.0044 0.0042 0.0042 0.0042 141,499,563 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

Echo Energy PLC Issue of Equity and Tapi Aike Option Update (5596J)

22/12/2020 1:00pm

UK Regulatory


Echo Energy (LSE:ECHO)
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TIDMECHO

RNS Number : 5596J

Echo Energy PLC

22 December 2020

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE ANY SECURITIES OF THE COMPANY.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE GROUP TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

22 December 2020

Echo Energy plc

("Echo" or "the Company")

Issue of Equity

Tapi Aike Option Update

Echo Energy, the Latin American focused upstream oil and gas company, announces that, as a result of additional demand following the Company's fundraising announced on 1 December 2020, the Company has raised additional gross proceeds of GBP856,000 through the issue of 167,843,138 new ordinary shares (the "Subscription Shares") at 0.51 pence per share (the "Subscription Price") with warrants attached to new investors pursuant to a direct subscription with the Company (the "Subscription"), conditional on admission of the Subscription Shares to trading on AIM. The Company also provides an update in respect of its option to re-acquire a 19% participating interest in the Tapi Aike asset.

The Subscription Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares of 0.25 pence each ("Ordinary Shares") and application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place on or around 8.00 a.m. on 11 January 2021.

The net proceeds of the Subscription of approximately GBP800,000 will add to the Company's working capital resources and be applied towards a range of near term growth projects within the existing portfolio designed to deliver production uplift in response to improved market conditions. This will serve as a platform for cash generation to underpin future growth, both strengthening the Company's balance sheet and also providing support for Echo to pursue value accretive transactions.

With the Subscription Shares issued with warrants to subscribe for new Ordinary Shares attached, the Company has also conditionally issued 167,843,138 warrants to subscribe for new Ordinary Shares at any time until the second anniversary of issue (the "Subscription Warrants"). 83,921,569 of the Subscription Warrants are exerciseable at 0.7 pence per new Ordinary Share and 83,921,569 of the Subscription Price are exerciseable at 0.75 pence per new Ordinary Share. Whilst 50% of the Subscription Warrants have been conditionally issued subject to Admission, the issue of the remaining 50% of the Subscription Warrants will be subject to receipt of necessary share issuance authorities at the Company's 2021 annual general meeting.

Tapi Aike Option

On 16 July 2020 the Company announced the terms of an option pursuant to which Echo has had the right to re-acquire a 19% participating interest in the Taki Aike exploration asset, onshore Argentina (the "Option").

The Company announces that on 22 December 2020 it received notification from the operator of the Tapi Aike asset that, should the drilling of the next exploration well in the Tapi Aike Western Cube drill programme begin on its intended commencement date in Q1 2021, the Option is now no longer capable of exercise and will lapse. The decision by the Company to allow the Option to lapse is inkeeping with Echo's ongoing focus on high impact cash generative production and on the identified and lower risk potential upside in the Santa Cruz Sur portfolio.

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 1,207,894,058 Ordinary Shares. Each Ordinary Share has one voting right and no shares are held in treasury and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please contact:

 
Echo Energy                             via Vigo Communications 
 Martin Hull, Chief Executive Officer 
Vigo Communications (PR Advisor) 
 Patrick d'Ancona 
 Chris McMahon                             +44 (0) 20 7390 0230 
Cenkos Securities (Nominated Adviser) 
 Ben Jeynes 
 Katy Birkin                               +44 (0) 20 7397 8900 
Shore Capital (Corporate Broker) 
 Jerry Keen                                +44 (0) 20 7408 4090 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

December 22, 2020 08:00 ET (13:00 GMT)

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