Echo Energy PLC Award of Seismic Reprocessing Contract (8157Q)
15 September 2017 - 4:00PM
UK Regulatory
TIDMECHO
RNS Number : 8157Q
Echo Energy PLC
15 September 2017
15 September 2017
Echo Energy plc
("Echo" or the "Company")
Award of Seismic Reprocessing Contract
Echo Energy, the South and Central American focused upstream gas
company, is pleased to announce the award of a seismic reprocessing
contract for the 3D seismic data over the Huayco and Rio Salado
blocks, onshore Bolivia.
Following a competitive tender process between eight companies,
the contract for reprocessing the existing 3D seismic across the
Huayco and Rio Salado blocks has been awarded to DMT Petrologic who
have extensive experience in the reprocessing of vintage data in
similar thrust belt areas. The initial reprocessed tranche is
anticipated by the end of November 2017 with the full scope of the
work anticipated to be completed during Q1 2018.
The acquisition of an interest by Echo in Huayco and/or Rio
Salado remains contingent on final commercial terms being agreed
and accordingly the Company does not have an interest or the right
to acquire any interest at this stage during the non-exclusive
evaluation period.
The Company will also shortly be inviting investors to register
their interest in an investor trip to the region in early 2018.
Fiona MacAulay, Chief Executive Officer, commented:
"I am very pleased to be able to announce the award of the
contract for the seismic reprocessing which is a critical step in
determining the future work programme across the Huayco and Rio
Salado blocks. The level of interest and competitive bidding for
the work with Echo was very encouraging and we look forward to
working with DMT Petrologic over the next few months."
For further information please contact:
Echo Energy plc
Fiona MacAulay, CEO f.macaulay@echoenergyplc.com
Will Holland, CFO w.holland@echoenergyplc.com
Sarah Dees Investor Relations s.dees@echoenergyplc.com
Smith & Williamson (Nominated
Adviser)
Azhic Basirov
David Jones
Ben Jeynes +44 (0)20 7131 4000
Hannam & Partners (Advisory)
LLP (Financial Adviser and
Corporate Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Vigo Communications (PR
Adviser)
Patrick d'Ancona
Chris McMahon
Ali Roper +44 (0)20 7830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
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