Interoil Exploration and Production ASA (OB : IOX) and Selva María Oil S.A. entered into binding term sheet to acquire 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc for £1.725 million on May 9, 2023. A cash consideration of an upfront payment of £0.075 million upon execution of the transaction documents and the balance of £0.75 million payable at Completion. A payment in kind of £0.4 million via transfer to Sellers of IOX shares at a subscription price of 1.15 NOK per share, to be made upon Completion. An additional contingent payment of up to £0.5 million. On completion of the Transaction, Sellers will retain a 5% working interest in the Exploitation Concessions, related joint venture and the Transport Concession, and will be vested with an option to buy another 5% back from Buyers. The transaction is subject to approval of Echo Energy's shareholders. As of May 26, 2023, The agreement has signed. The board of Echo Energy has requested shareholder approval for the partial sale of its Santa Cruz Sur assets. Ben Jeynes and Adrian Hadden of Cenkos Securities plc (AIM:CNKS) acted as financial advisor to Echo Energy.

Interoil Argentina S.A. and Selva María Oil S.A. acquired a 65% interest in five exploitation concessions located in the Province of Santa Cruz, Argentina and a 95% interest in and to the transport concession on the Océano area from Echo Energy Plc on June 27, 2023. Interoil completed the acquisition of a 42.69 % participating interest in and to five exploitation concessions located in the Province of Santa Cruz, Argentina and a 62.39% interest in and to the transport concession on the Océano area. As part of the closing of the transaction, the Board of Directors of the Interoil has resolved to issue 4,824,591 shares in kind of £0.4 million.