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.
