Echo Energy : Press release

The distribution of this notice in certain jurisdictions may be restricted by law, and persons into whose possession this notice comes are required to inform themselves about, and to observe, any such restrictions. The notice is being made only outside the United States to persons other than "U.S. persons" (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")). Nothing in this notice constitutes or contemplates an offer of, an offer to purchase or the solicitation of an offer to purchase or sell any security in the United States or any other jurisdiction.

13 October 2022

Echo Energy plc

(incorporated under the laws of England and Wales)

NOTICE

To the Holders of its Outstanding

EUR 20,000,000 8.0% Secured Notes due 2025

(XS1614175567)

(the "Notes")

On 5 September 2022, Echo Energy plc (the "Issuer") announced an invitation to eligible holders of its outstanding Notes to consider and, if thought fit, approve certain Proposals, being

1. the conversion of 50% of the outstanding principal amount of the Notes, together with accrued interest thereon, into Ordinary Shares of the Issuer at a price of 0.45 pence per Ordinary Share (the "Conversion"); (ii) the extension of the maturity of the Notes to 15 May 2032; (iii) certain modifications to Condition 5.1 (Interest Rate and Interest Payment Dates) and Condition 5A.1 (Conversion of Interest) of the terms and conditions of the Notes (the "Conditions"); (iv) certain modifications to Condition 4.2 (Exploration Wells); and (v) the change of the minimum denomination of the Notes to EUR 50,000 and any amendments consequential to such change, by way of extraordinary resolution of the holders of the Notes (the "Extraordinary Resolution"), all as further described in the consent solicitation memorandum dated 5 September 2022 (the "Consent Solicitation Memorandum"). Capitalised terms used in this notice and not otherwise defined shall have the meanings given to them in the Consent Solicitation Memorandum.

NOTICE IS HEREBY GIVEN to the holders of the Notes that, at the adjourned Meeting of such holders held at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London, EC4R 3TT, at 10.00 a.m. (London Time) on 13 October 2022, access to which for Noteholders that wished to attend in person or appoint a proxy (other than the Information and Tabulation Agent or the Registrar) was granted only via a Microsoft Teams video conference meeting ID that could be obtained from Fieldfisher LLP upon request: (i) the quorum was reached; and (ii) the Extraordinary Resolution set out in the notice of adjourned meeting to the Noteholders dated 28 September 2022 previously notified to Noteholders in accordance with the terms of the Trust Deed was duly passed.

The number of votes cast in favour of the Extraordinary Resolution was EUR 7,000,000 (representing 66.67% of the total number of votes cast at the adjourned Meeting).

Supplemental Trust Deed

The Supplemental Trust Deed implementing the Proposals, for which the Extraordinary Resolution was passed, was executed after the conclusion of the adjourned meeting on 13 October 2022.

Restructuring Success Fee and Conversion

Payment of the Restructuring Success Fee to the eligible Noteholders that delivered an Electronic Voting Instruction in favour of the Proposals, which was validly received by the Information and Tabulation Agent by the Expiration Deadline and not revoked, will be made as soon as reasonably practicable and in any event no later than 60 Business Days after the date of this notice.

The Conversion will be effected as soon as reasonably practicable and in any event no later than 60 Business Days after the date of this notice.

This notice is given by the Issuer.

Further Information

Further details can be obtained from:

The Information and Tabulation Agent

The Bank of New York Mellon, London Branch

One Canada Square

London E14 5AL

United Kingdom

Telephone: +44 (0) 1202 689644

Attention: Debt Restructuring Services

Email: debtrestructuring@bnymellon.com

The information contained within this document is deemed by the Issuer's group (the "Group") to constitute inside information as stipulated under the Market Abuse Regulation No 596/2014. Upon the publication of this document via Regulatory Information Service, this inside information is now considered to be in the public domain.

Forward looking statements

The information in this document may include forward looking statements, which are based on assumptions, expectations, valuations, targets, estimates, forecasts and projections about future events. These can be identified by the use of words such as 'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans', 'intends', 'prospects', 'outlooks', 'projects', 'forecasts' 'believes', 'estimates', 'potential', 'possible', and similar words or phrases. These forward looking statements, as well as those included in any other material discussed at any presentation, are subject to risks, uncertainties and assumptions about the Group and its securities, investments, and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions,

combinations, disposals or other corporate activity undertaken by the Group (including but not limited to the integration of the business of the Issuer and its subsidiaries into the Group), trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geopolitical factors, changes to its board and/ or employee composition, exposures to terrorist activity, IT system failures, cyber-crime, fraud and pension scheme liabilities, changes to law and/or the policies and practices of the Bank of England, the Financial Conduct Authority and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the group, future capital expenditures and acquisitions, the UK's exit from the EU (including any change to the UK's currency), Eurozone instability, any referendum on Scottish independence and the repercussions of the coronavirus' epidemic.

In light of these risks, uncertainties and assumptions, the events in the forward looking statements may not occur. Forward looking statements involve inherent risks and uncertainties. Other events not taken into account may occur and may significantly affect the analysis of the forward looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates gives any assurance that any such projections or estimates will be realised or that actual returns or other results will not be materially lower than those set out in this document and/ or discussed at any presentation. All forward looking statements should be viewed as hypothetical. No representation or warranty is made that any forward looking statement will come to pass. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates undertakes any obligation to update or revise any such forward looking statement following the publication of this document nor accepts any responsibility, liability or duty of care whatsoever for (whether in contract, tort or otherwise) or makes any representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of the information in this document.

The information, statements and opinions contained in this document do not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of this document in certain jurisdictions may be restricted by law. Recipients are required by the Group to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of this document in any jurisdiction. The information, statements and opinions contained in this document and the materials used in and/ or discussed at, any presentation are subject to change.

None of the Issuer, the Information and Tabulation Agent, the Trustee, the Principal Paying Agent, the Registrar or any director, officer, employee, agent or affiliate of any such person is acting for any Noteholder, or will be responsible to any Noteholder for providing any protections which would be afforded to its clients or for providing advice in relation to the Consent Solicitation or the Extraordinary Resolution. This announcement must be read in conjunction with the Consent Solicitation Memorandum. No offer to acquire any Notes is being made pursuant to this announcement. If any holder of Notes is in any doubt as to any action it should take in relation to the contents of this announcement, it is recommended to seek its own advice, including as to any tax consequences, from its broker, bank manager, solicitor, accountant or other independent adviser.

The distribution of this announcement and/or the Consent Solicitation Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or Consent Solicitation Memorandum comes are required by each of the Issuer, the Information and Tabulation Agent, the Trustee, the Principal Paying Agent and the Registrar to inform themselves about, and to observe, any such restrictions.