Strategic Update

As previously announced in its final results for the year ended 31 December 2022, following the partial divestment of its assets in Argentina and subsequent debt restructuring and cost reduction program, Echo Energy has been active in exploring potential opportunities to secure new assets. As a result of this process, and following a full review of the business, the Board is pleased to announce that it has decided to broaden the Company's acquisition strategy towards a wider range of natural resources projects.

The Company is studying a number of potentially transformational projects which fit with this revised strategy. Amongst these opportunities is a gold project in Latin America, which the Directors believe has the potential to create significant future value for shareholders, without requiring a large initial capital investment.

Discussions are ongoing and there can be no guarantee at this stage that these negotiations will conclude successfully. The Company expects to make Further announcements relating to this revised acquisition strategy in due course.

Christian Yates, Echo Energy Chair, stated:

"Our focus is on finding opportunities to generate material value for our investors. Echo's network and relationships, within Latin America, have presented opportunities across the natural resources spectrum, which we are rigorously reviewing and we look forward to updating our shareholders on our plans as soon as we are able."