Echo Energy provides operational update

Production

Total production, net to the Company, during 2018 from the Company's producing Fracción C and Fracción D licences was 315 825 boe, at an average daily production rate of 865 boe/d (including gas used for fuel in the field). 31% of volumes produced constituted oil. The average oil price realised during 2018 was US$63.8 per barrel. Additionally, all sales gas produced during 2018 was sold into the Argentinian market at an average realised price of US$3.99 per million btu.

Workover Programme

As previously indicated, the Company has identified a number of additional candidates for well interventions in the Canadon Salto field (Fracción D licence). The Company confirms that it is continuing to work with its partner to determine the optimal use of investment capital to maximise potential returns from a further investment programme in Canadon Salto and that, as a result, no well interventions are expected to commence in Q1 2019. The Company will provide an update on its plans for the Fracción C & Fracción D licences in due course.

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