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Echo Energy extends gas sales contracts in Argentina at big premium

The extended contract is for combined net sales volume of 5.6mln cubic feet per of gas day

Echo Energy PLC -

Echo Energy PLC (LON:ECHO) said it has agreed extensions to sales contracts with two key gas customers in Argentina until December 17 at a significant premium to the current spot price.

The extensions are for gas supplied from its Santa Cruz assets and based on a weighted average contracted gas sales price of US$4.37 per mmbtu (thermal unit).

Spot prices in Argentina currently are US$1.95 per mmbtu and have increased by 45% per cent since 20 May 2020.

The extended contract is for combined net sales volume of 5.6 MMscf/d (million cubic feet per of gas day).

Quick facts: Echo Energy PLC

Price: 0.735 GBX

AIM:ECHO
Market: AIM
Market Cap: £5.23 m
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