Echo Energy, the Latin American-focused upstream oil and gas company, has announced that the acquisition by the Company of a 70 per cent initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks from Petrolera El Trebol, a subsidiary of Phoenix Global Resources has now completed.
Martin Hull, Chief Executive, commented:
'I am delighted to complete this transaction, which will be a key catalyst for Echo. We believe we have secured a very attractive price for a package of assets which provide the Company with a balanced, revenue-generating portfolio with significant upside as well as exciting near-term drilling opportunities. I look forward to updating shareholders on our progress in due course, not least as we finalise preparations for drilling at Tapi AIke.'
Source: Echo Energy