REG - Echo Energy PLC - Strategic Update

Echo EnergyAnnouncement

09/05/2024 07:00

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RNS Number : 7655N  Echo Energy PLC  09 May 2024

 

Echo Energy plc

("Echo Energy" or the "Company")

Strategic Update

As previously announced in its final results for the year ended 31 December
2022, following the partial divestment of its assets in Argentina and
subsequent debt restructuring and cost reduction program, Echo Energy has been
active in exploring potential opportunities to secure new assets. As a result
of this process, and following a full review of the business, the Board is
pleased to announce that it has decided to broaden the Company's acquisition
strategy towards a wider range of natural resources projects.

 

The Company is studying a number of potentially transformational projects
which fit with this revised strategy. Amongst these opportunities is a gold
project in Latin America, which the Directors believe has the potential to
create significant future value for shareholders, without requiring a large
initial capital investment.

 

Discussions are ongoing and there can be no guarantee at this stage that these
negotiations will conclude successfully. The Company expects to make Further
announcements relating to this revised acquisition strategy in due course.

 

Christian Yates, Echo Energy Chair, stated:

"Our focus is on finding opportunities to generate material value for our
investors.  Echo's network and relationships, within Latin America, have
presented opportunities across the natural resources spectrum, which we are
rigorously reviewing and we look forward to updating our shareholders on our
plans as soon as we are able."

 

 

For further information please contact:

 

 Echo Energy                                          info@echoenergyplc.com

 Stephen Birrell, Chief Executive Officer
 WH Ireland Limited (Nominated Adviser & Broker)      Tel: 44 (0)20 7220 1666

 James Joyce

 James Bavister

 Isaac Hooper

 

 

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