Echo Energy extends gas sales contracts in Argentina at big premium

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Echo Energy extends gas sales contracts in Argentina at big premium

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).

Proactiveinvestors.co.uk

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