Drilling Commences on EMS-1001

RNS Number : 0362R

Echo Energy PLC

12 June 2018

 

12  June 2018

Echo Energy plc

("Echo" or the "Company")

Drilling Commences on EMS-1001

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the commencement of drilling of the third exploration well in a four well back-to-back campaign in the Company's Fracción C and Laguna de Los Capones assets, onshore Argentina in Joint Venture between Echo and its Argentine partner Compañía General de Combustibles S.A. ("CGC").

The Petreven H-205 rig has commenced drilling of the Company's third exploration well EMS-1001 ('El Molino Sur') which is located in the southern area of the Fracción C licence.  The well is targeting a structural 4 way closure at the Springhill and Tobifera levels and will be drilled to a measured depth of approximately 2,250 metres. Gross prospective unrisked oil initially in place for the structure on a Pmean basis is estimated at approximately 60 MMbbls (included in the recent Competent Person's Report produced by Gaffney Cline & Associates).  

The Company will update shareholders with progress on the exploration drilling programme as the programme advances.

For further information please contact:

Echo Energy plc Fiona MacAulay, CEO Will Holland, CFO	[e-mail] [e-mail]
Smith & Williamson (Nominated Adviser) David Jones Ben Jeynes Katy Birkin	[phone]
Hannam & Partners (Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Kate Rogucheva	[phone]

The information contained in this announcement has been reviewed by Echo Energy's Vice President, Exploration, Dr. Julian Bessa Msc, DPhil, a Fellow of the Geological Society and a Member of the Petroleum Exploration Society of Great Britain. Volume estimates are in accordance with SPE standards. MMbbls means million barrels of oil.

Note

The assignment of the Echo´s participation in the Fracción C and Laguna de Los Capones licences is subject to the authorization of the Executive Branch of Santa Cruz´s Province, which is part of the overall process of title transfer that is proceeding as anticipated.

 

END

 

 

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