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Argentina Commercial Update

Source: www.gulfoilandgas.com 6/29/2020, Location: South America

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an commercial update regarding the Company's gas sales from the producing assets at Santa Cruz Sur.

Further to the announcement made on 20 May 2020, the Company is pleased to confirm 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 approximately US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020.

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