The fundraising consisted of a subscription with new institutional investors and a director of the company, and a placing with institutional investors. Echo issued approximately 71.2 million new shares in the company, at a price of 12 pence per share.
The proceeds will be used by the company for its seismic acquisition campaign over the Tapi Aike onshore oil and gas asset in the Austral Basin, in the far south of Argentina, as well as for general working capital requirements.
The Fieldfisher team was led by Partner Dominic Gurney-Champion, who was supported by Corporate Associate Naomi Nguyen and Paralegal, Jamal Moursy.
Fieldfisher's Energy & Natural Resources team consists of over a hundred lawyers, a number of whom have worked at major energy companies or for regulators. As well as sector-leading legal expertise, the ENR team's experience encompasses a thorough understanding of the commercial issues affecting its clients, which range from national oil companies, super-majors and financial institutions, through to small and mid-sized operators.
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