Update re Tapi Aike Seismic and Fracción C

RNS Number : 0636R
Echo Energy PLC
26 February 2019
 

26 February 2019

 

Echo Energy plc

("Echo" or the "Company")

 

Update re Tapi Aike Seismic and Fracción C

 

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the safe and efficient completion of the 3D survey on schedule across the eastern cube on Tapi Aike. Initial indications suggest very good data quality. The equipment will now mobilise to the western cube and start acquisition once all equipment is on site and surveys have been completed.  The eastern cube (Chiripa Oeste) covers 414 sq km and the western cube (Travesia de Arriba) covers 790 sq km and will underpin the Tapi Aike drilling campaign.

The Company also confirms that it is currently utilising the results of mechanical stimulation at the EMS-1001 well at the Company's Fracción C licence, onshore Argentina, to refine a mechanical stimulation design for the ELM-1004 well. This refined stimulation design, once complete, will be considered in the light of the reservoir characteristics at the location and enable a final decision to be taken on whether to proceed with the stimulation.

 

For further information please contact:

 

Echo Energy

Martin Hull, Managing Director

 

m.hull@echoenergyplc.com

Cenkos Securities (Nominated Adviser)

David Jones

Ben Jeynes

Katy Birkin

 

 

+44 (0)20 7397 8900

Hannam & Partners (Joint Corporate Broker)

Giles Fitzpatrick

Andrew Chubb

Ernest Bell

 

 

+44 (0)20 7907 8500

 

Shore Capital (Joint Corporate Broker)

Jerry Keen

 

+44 (0)20 7408 4090

Vigo Communications (PR Adviser)

Patrick d'Ancona

Chris McMahon

 

 

+44 (0)20 7390 0230

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Note

 

The assignment of Echo´s participation in the Fracción C, Fracción D, Laguna Los Capones and Tapi Aike licences is subject to the authorisation of the Executive Branch of Santa Cruz´s Province, which is part of the overall process of title transfer that is proceeding as anticipated. The licences are operated by Compañía General de Combustibles S.A. ("CGC").


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