Quarterly Update

RNS Number : 6175S

Echo Energy PLC

04 October 2017

 

4 October 2017

Echo Energy plc

("Echo" or the "Company")

Quarterly Update, Strategic Alliance with Zenith and Strengthening Regional Team

Echo Energy, the South and Central American focused upstream gas company, provides an update on progress in the region and is pleased to announce a new strategic alliance with Zenith Energy and the continued strengthening of its regional team.

During the last quarter the Company has continued to build its business in Bolivia, which includes the following:

·     completed the tender process and awarded the contract for 3D seismic reprocessing across Huayco and Rio Salado blocks;

·     appointed Andres Brookmann as Commercial Manager for Bolivia; and

·     made significant progress in building the legal and administrative platform in the region.

In addition to the above Echo has been very active on the business development front. This has been a core focus of the Company during the last quarter.

The Company is pleased to announce that it has secured the services of Zenith Energy, an independent well management and engineering company, to work alongside Echo in providing integrated well design and drilling support during this important phase of assessment of the Huayco and Rio Salado blocks. Zenith are a qualified operator in the UK and internationally and will provide enhanced operator capability with established well management systems via a strategic alliance with the Company. 

The Company is also pleased to announce that it has appointed Daniele Polignano to the position of Regional Drilling Manager, based initially in the Company's Bolivian office in Santa Cruz. Daniele brings a wealth of drilling experience to the project and has worked extensively across South America, North Africa and Europe during his 40-year career in the industry. Most recently Daniele has been running drilling operations in Italy for Apennine Energy, a subsidiary of Sound Energy Plc.

The Company looks forward to welcoming shareholders to its investor event on Thursday 5 October 2017 where the Echo executive team will give a presentation, that will also be made available on the Company's website. The Company will also host a quarterly investor call on Thursday 19 October 2017, details of which will be announced closer to the date.

Fiona MacAulay, Chief Executive Officer, commented:

"This quarter has been one of continued progress for Echo in South America, we have continued to assess multiple opportunities in the region and I look forward to updating shareholders in due course. I am pleased to announce our strategic alliance with Zenith Energy which will provide enhanced operator capabilities in Country. This alliance is complemented by the appointment of Daniele as Regional Drilling Manager. Daniele has a wealth of experience and will be an integral part of the team as Echo continues to make progress across the Huayco and Rio Salado Blocks. Our growth strategy for Bolivia and across the greater Latin American region is progressing well and we look forward to updating the market in due course."

For further information please contact:

Echo Energy plc Fiona MacAulay, CEO Will Holland, CFO Sarah Dees  Investor Relations	[e-mail] [e-mail]   [e-mail]
Smith & Williamson  (Nominated Adviser) Azhic Basirov David Jones Ben Jeynes	[phone]
Hannam & Partners (Advisory) LLP (Financial Adviser and Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Ali Roper	[phone]

 

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