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Echo Energy wins new contract to supply gas at 28% premium to spot price
StockMarketWire.com
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Oil and gas company Echo Energy said it had won a new contract to supply gas from its Santa Cruz Sur assets, onshore Argentina, at a premium of more than a fifth to the prevailing spot price.
This new contract was with a key gas customer for four months until end April 2021, after which the company would supply the customer with approximately 1.4 MMscf/d gross of natural gas.
The gas price under the contract was a flat $2.00 per mmbtu, representing a significant 28% premium to the prevailing local spot price in the fourth quarter of 2020, the company said.
'[T]he result of the new contract is that approximately 60% of daily gas production from Santa Cruz Sur, under current market conditions, continues be sold under secured contracts at significant premia to the current spot price during Q1 2021,' it added.
At 8:54am: (LON:ECHO) Echo Energy Plc share price was 0p at 0.43p
Story provided by StockMarketWire.com
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