Completion of Tapi Aike Seismic Acquisition

RNS Number : 6725C

Echo Energy PLC

19 June 2019

 

19 June 2019

Echo Energy plc

("Echo" or the "Company")

Completion of Tapi Aike Seismic Acquisition

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the safe and efficient completion of the 3D seismic survey across the western cube on its Tapi Aike licence in Argentina and that processing of the western cube data acquired has now commenced. Equipment is currently being demobilised out of the area by the seismic acquisition contractor UGA Seismic S.A.

The timely completion of seismic acquisition at Tapi Aike prior to the end of H1 2019 is a key operational milestone for the Company and one which ensures that the pathway to drilling Tapi Aike remains on track - with spud currently anticipated to take place in Q4 2019. The Company is working closely with its Argentinian partner, and operator of the Tapi Aike licence, Compañía General de Combustibles S.A. ("CGC"),  to drill early in that window now that the seismic acquisition phase has completed.

Sesimic data acquired is now being processed by respected independent processing houses in Buenos Aires, with the processing of the eastern cube (Chiripa Oeste, 414 sq km) data  by Wellfield Services LTDA nearing completion and the processing of western cube (Travesia de Arriba, 790 sq km) data being undertaken by Seismic Prospect S.R.L.

The acquisition and processing of 3D seismic at Tapi Aike builds on the previous interpretation of the large amount of historical 2D data that exists on the block (3,400 line km 2D with average line spacing of 4 km), which is guiding the processing priorities of the new 3D data.

Echo looks forward to updating shareholders in due course, and as appropriate, as it continues to progress towards drilling.

For further information, please contact:

Echo Energy Martin Hull, Chief Executive Officer	[e-mail]
Cenkos Securities (Nominated Adviser) David Jones Ben Jeynes	[phone]
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Shore Capital (Joint Corporate Broker) Jerry Keen	[phone]
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon	[phone]

 

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