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Result of GM, Acquisition and Re-Admission
Result of GM, Acquisition and Re-Admission.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8879A Echo Energy PLC 03 January 2018 \n\n3 January 2018\nEcho Energy plc\n(\"Echo\" or the \"Company\")\n \nResult of General Meeting\n \nProposed acquisition of interests in oil and gas assets in Argentina\n \nAdmission of Enlarged Share Capital to trading on AIM\n \n \nEcho Energy plc, the South and Central American focused upstream oil and gas company, is pleased to announce that all resolutions put to Shareholders at the general meeting of the Company held earlier today were duly passed, including in relation to the proposed acquisition by the Company of 50 per cent. interests in each of the Fracción C, Fracción D and Laguna De Los Capones concessions and a 50 per cent. interest in the Tapi Aike exploration permit, each located onshore in Argentina. \n \nFollowing approval by Shareholders, the Acquisition Agreements will become unconditional in all respects later today and dealings in the Enlarged Share Capital, as enlarged by the issue of the Placing Shares, will commence on AIM at 8.00 a.m. on 4 January 2018. \n \nHighlights of the Acquisition and Re-Admission:\n \n· The Company announced on 1 November 2017 that, in line with its stated strategy, it had entered into a conditional farm-in agreement with Compañía General de Combustibles S.A. (\"CGC\") for the acquisition by the Company of 50 per cent. working interests in certain of the onshore Argentinian gas and oil assets of CGC.\n \n· Echo will acquire 50 per cent. working interests in each of the Fracción C, Fracción D and Laguna De Los Capones Concessions and in the Tapi Aike Exploration Permit each located in the Austral basin of Santa Cruz province, onshore Argentina, and covering a total of 11,153km2.\n \n· The Acquisition is expected to provide the Company with a compelling blend of multi tcf exploration potential, appraisal and production. \n \n· On the Tapi Aike Exploration Permit the Competent Person's Report has identified 41 leads over three independent plays, each typically with gross (100%) prospective resources of 50-600 Bcf at the best estimate level; the largest two are assessed as potentially containing 3.8 Tcf and 2.6 Tcf of gas in place (on...