Echo Energy Plc (LON:ECHO) has said progress continues to be made in advancing preparations for its proposed Argentinian farm-in deal, announced on November 1, with documentation at an advanced stage and there has been an extension to the closing date.
The South and Central American focused upstream gas company’s proposal is for a farm-in to 50% interests in each of the Fracción C, Fracción D and Laguna De Los Capones concessions and to a 50% interest in the Tapi Aike exploration permit, each located onshore in Argentina.
The concessions and exploration permit are each currently held 100% by Compañía General de Combustibles SA (CGC).
Echo said it and CGC have now agreed an extension to the closing date for an agreement from 29 December 2017 to 2 February 2018 “or a subsequent date which the parties may mutually agree”.
The firm said further announcements will be made, as appropriate, in due course.
As, by virtue of its size, the transaction constitutes a reverse takeover under AIM rules, Echo shares remain temporarily suspended from trading since October 30.