RNS Number : 3081T

Echo Energy PLC

14 November 2023

14 November 2023

Echo Energy plc

("Echo" or the "Company")

Board Changes

Echo Energy plc, the Latin American focused upstream energy company, is pleased to announce the following Board changes.

Stephen Birrell has been appointed as Chief Executive Officer ('CEO') of the Company with immediate effect. Stephen is highly experienced geoscientist who has worked in the upstream oil and gas and mining industry for over 35 years with a particular focus on gas developments across multiple jurisdictions with Britoil, BP and Elf and Sterling Resources, where he discovered and initiated the development of the Black Sea gas field complex, Ana/Doina in Romania. Stephen has a BSc Honours in Applied Geology and is a member of the Association of International Energy Negotiators and the Society of Petroleum Engineers.

Christian Yates, current non-executive director, will assume the position of non-executive chairman.

Martin Hull, the Company's existing CEO, and James Parsons, the Company existing Non Executive Chairman, are both transitioning into the role of non-executive director and both individuals have been asked to provide additional support to the new chairman and CEO for an interim period.

These changes will take place with immediate effect.

Christian Yates, Non-Executive Chairman of the Company, said:

"I am delighted to confirm Stephen's appointment as Chief Executive Officer. Stephen brings a wealth of technical and commercial experience, holding executive positions across a range of oil and gas businesses and we look forward to leveraging his experience as we look to deliver our strategy. I would also like to thank James and Martin personally and on behalf of the Board for their leadership and commitment to the Company over the last few turbulent years and I look forward to their continued support as non-executive directors. "

Regulatory Disclosures:

In addition to his appointment to the Echo Board, Stephen James Birrell, aged 60, has held the following directorships and/or partnerships in the past five years:

 Current Directorships/Partnerships   Past Directorships/Partnerships 
 Coro Energy plc                      Ascent Resources plc 
  Live Company Group plc               Iconic Labs plc 
  Ossian Energy Limited                Surus Geo BV 
                                       Transition Analytics Ltd 
                                       Ossian Energy BV 

Stephen Birrell was appointed as a director to Iconic Labs plc ("Iconic Labs") (formerly Widecells Group PLC) on 9 February 2021 and resigned as a director on 19 March 2021. Iconic Labs was placed into administration on 4 June 2021 following an unsatisfied demand for payment from Iconic Labs' secured creditor. The administrators' progress report, issued on 30 August 2022, cites that the Company, Greencastle Media, Arch Capital Partners LLP, Mr D Sefton and the European High Growth Opportunities Securitization Fund have entered into a Settlement Agreement. As a result, all litigation proceedings have been dismissed, and all claims, counter claims, including defamation claims, among the parties, have been waived. The Company announced on 13 October 2023 that the Creditors Voluntary Arrangement ("CVA") has now been completed.

Stephen Birrell does not hold any Ordinary Shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

For further information please contact:

 Echo Energy                                 via Vigo Communications 
  Stephen Birrell, Chief Executive Officer 
 Cavendish Securities plc (Nominated         Tel: 44 (0)20 7220 
  Adviser)                                    0500 
  Adrian Hadden 
  Ben Jeynes 
 Vigo Consulting Ltd (IR/PR Advisor)         Tel: 44 (0)20 7390 
  Patrick d'Ancona                            0230 
  Finlay Thomson 

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(END) Dow Jones Newswires

November 14, 2023 02:00 ET (07:00 GMT)

Echo Energy (LSE:ECHO)
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