document: According to official reports in mid-October 2019, Echo Energy has signed an agreement to acquire 70% of non-operating interest from Phoenix Global Resources in five Roch-operated blocks in the Santa Cruz Province for USD 7 million in cash and a potentially an additional USD 1.5 million pending on an increase in the proven reserves of said assets by 1 October 2020. The transaction is currently waiting on approval from the provincial government.  The blocks consisted of Campo Bremen, Chorrillos, Moy Aike, Oceano, and Palermo Aike, and all situated in onshore and shelf region of Austral Basin.          Block Name         Basin Name         Onshore/Offshore         Contract Sqkm         Onshore Sqkm         Shelf Sqkm         Deep Water Sqkm             Campo Bremen         Austral Basin         Onshore         809.16         809.16                   Chorrillos         Austral Basin         Onshore         650.7         650.7                   Moy Aike         Austral Basin         Onshore         728.45         728.45                   Oceano         Austral Basin         Onshore/Offshore         102.73         77.99         24.74                Palermo Aike         Austral Basin         Onshore         525.13         525.13              Â   Background Information  In August 2019, daily production in Campo Bremen block was 3.7 MMscfg/d and 92 bo/d, Chorrillos block was 11.1 MMscfg/d and 651 bo/d, Moy Aike was 146 Mscfg/d and 82 bo/d, and Oceano was 2.9 MMscfg/d and 34 bo/d. Meanwhile, the Palermo Aike block only has several discoveries and abandoned fields.
summary: Echo has agreed with Petrolera El Trebol to acquire a 70% stake in 5 mature producing blocks in Santa Cruz Sur, adjacent to Echo's existing Tapi Aike block.