Echo Energy, the Latin American focused upstream oil and gas company, has provided a commercial update regarding the Company's gas sales from the producing assets at SantaCruz Sur.
Further to the announcement made on 20 May 2020, the Company confirms that it has secured further extensions to existing contracts with two key gas customers for a further six months until 17 December 2020. These two extensions provide a weighted average contracted gas sales price of US$4.37 per mmbtu (where applicable, converted using the official exchange rate of the Government of Argentina) for combined net sales volume of 5.6 MMscf/d. The successful contract extensions pricing represents a significant premium to the current spot market of approx. US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020.
Source: Echo Energy