- Oil and gas company Echo Energy said its current production levels were expected to remain in line with its estimates.

Net production over the period from 1 January to 17 May reached an aggregate of 310,474 barrels of oil equivalent, an average production rate of 2,250 barrels of oil equivalent per day.

The company also secured extensions or volume increases to existing contracts with two key gas customers for May and June. As a result, the weighted average contracted gas sales price for these months, of US$3.56 per mmbtu, was expected to be 41% higher than the weighted average contracted price achieved in April and calculated on the same basis.

The company confirmed a change in value added tax (VAT) status to its subsidiary, Eco Energy TA Op, that would reduce the rate of VAT it paid on domestic sales to 10.5% from 21%.

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