Echo Energy, the Latin American focused upstream oil and gas company, announces that at the adjourned meeting of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes held earlier today to consider the Company's proposals for the restructuring of the Notes, the Proposals were duly approved by the requisite majority.

At the Noteholder Meeting voting instructions representing EUR 12.5m of the Notes were lodged by holders of the Notes ("Noteholders") with 84 per cent. of votes cast in favour of the Proposals. As a result:

• Maturity of the Notes will be extended by three years to 15 May 2025 (the "Maturity Date"); and
• All cash interest payments on the Notes rolled to the Maturity Date.

As a result of Noteholder approval of the Proposals, the previously announced conditional restructuring of the Company's EUR 5.0m 8.0% secured convertible debt facility, details of which were announced by the Company on 1 December 2020, will now also become effective. 

The restructuring of the Debt Facility will, inter alia, see its final maturity extended to April 2025, with no further cash interest payments required prior to final maturity. 

Martin Hull, Echo's Chief Executive Officer, commented:
"I am delighted that Echo has now successfully completed the restructuring of its debt obligations.  The new arrangements result in no cash payments to Noteholders until maturity in 2025.  This enables the Board to focus on rapidly delivering on its strategy to improve shareholder returns.   

Commodity price strength, including the very material increases in gas price recently announced, combined with the more than doubling of oil production following the ongoing infrastructure upgrades, provide a markedly improved and positive outlook for shareholders.

This is a landmark moment for Echo and I am confident that we can now drive forward and reward shareholders in the future."

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