Echo Energy, the Latin American-focused upstream oil and gas company has completed the acquisition of a 70 % initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks: CA-1 “CAMPO BREMEN”, CA-4 “MOY AIKE”, CA-6 “CHORRILLOS”, CA-10 “PALERMO AIKE” and CA-9 “OCÉANO, together with one natural gas transportation concession (the "Santa Cruz Sur Assets"), from Petrolera El Trebol SA, a subsidiary of Phoenix Global Resources plc.
The Santa Cruz Sur Assets are located in the Austral Basin, adjacent to the Company's existing Tapi Aike exploration permit, in the Santa Cruz province in southern Argentina.
The initial consideration for the acquisition is US$7 million in cash and a further US$ 1.5 million, which will be satisfied by the issue of 39,958,443 new Ordinary Shares in the Company.
Mitrani Caballero & Ruiz Moreno (counsel to Echo Energy):
Mariana Ardizzone (lead partner)
Other partners: Julio Martínez and Matías Olcese (Financing), Esteban Valansi (employment), Aixa Sureda (antitrust), Mariela Inés Melhem (compliance), Corina Laudato (tax), Laura Lede Pizzurno (environmental)and María Recondo(commercial law).
Associates: Andrea Schiavone, Evangelina Gonzalez Soldo, Juan Manuel Iglesias Mamone, María Paula Diaz, Matías Galice, Mateo Rollan, María Florencia García, Melina Goldberg, Maria Jimena Martinez, Sofía Gonzalez, Magdalena Magnasco, María del Pilar Gaminara.
Other law firms involved:
- Perez Alati Grondona Benitez & Arntsen – PAGBAM (Seller Argentine Law Counsel): Lead Partner Francisco Romano
- Field Fisher (Buyer English Law Counsel): Lead Partner Dominic Gurney-Champion, Jessie Abrahamson-Flynn
- Orrick (Seller English Law Counsel): Joanna Kay