Echo Energy PLC Quarterly Update (6175S)
04 October 2017 - 5:00PM
UK Regulatory
TIDMECHO
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 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 +44 (0)20 7131
Ben Jeynes 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
END
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