Echo Energy PLC Seismic Acquisition Contract Signed (0603A)
07 September 2018 - 4:00PM
UK Regulatory
TIDMECHO
RNS Number : 0603A
Echo Energy PLC
07 September 2018
7 September 2018
Echo Energy plc
("Echo" or the "Company")
Seismic Acquisition Contract Signed
Echo Energy plc, the Latin American focused upstream oil and gas
company, is pleased to announce the signing of a contract for the
acquisition of 3D seismic over a number of leads on the Company's
Tapi Aike, Fraccíon C, and Fraccíon D assets, onshore Argentina,
operated by Compan i a General de Combustibles S.A. ("CGC") in
joint venture with Echo.
The Company, through CGC, has conducted a tender exercise
resulting in the signature of a contract with UGA SEISMIC SA
("UGA"), for the acquisition of a total of 1960 km(2) 3D seismic
across the Company's assets. UGA will mobilise to Tapi Aike in
November 2018, followed by Fraccíon C and Fraccíon D with the
acquisition programme expected to complete in Q2 2019.
Tapi Aike is Echo's high impact, frontier scale exploration
asset and already benefits from extensive 2D seismic along with 3
interpreted gas discoveries in the area offering a significant
de-risked multi-Tcf exploration opportunity. At least 3 independent
exploration plays have been identified within the Tapi Aike licence
and these will be targeted with the 1200 km(2) of new 3D seismic
designed to derisk the drilling of 4 prospective exploration wells
during the first exploration phase expected to commence in
2019.
Up to 41 leads have already been identified at Tapi Aike, each
typically with gross prospective resources of 50-600 Bcf at the
best estimate level, and total aggregated unrisked gas originally
in place in excess of 22 Tcf high case potential is estimated for
the asset (over 9.0 Tcf mid case and over 2.5 Tcf low case).
Fiona MacAulay, Chief Executive Officer of Echo, commented:
"We are very pleased to have been able to finalise the contract
award for seismic acquisition with UGA Seismic SA, a renowned
Argentinian operator and part of the South American Seismic group
of companies. The negotiation of the competitively priced contract
has provided us with significant cost savings against our
originally forecast budget and means that we will be able to shoot
the entire committed seismic in one of our most exciting licence
areas over the next few months. We look forward to updating our
shareholders further as the programme progresses."
For further information please contact:
Echo Energy plc
Fiona MacAulay, CEO f.macaulay@echoenergyplc.com
Smith & Williamson (Nominated Adviser)
David Jones
Ben Jeynes
Katy Birkin +44 (0)20 7131 4000
Hannam & Partners (Joint Corporate
Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Shore Capital (Joint Corporate Broker)
Jerry Keen +44 (0)20 7408 4090
Vigo Communications (PR Adviser)
Patrick d'Ancona
Chris McMahon
Kate Rogucheva +44 (0)20 7390 0230
The information contained in this announcement has been reviewed
by Echo Energy's Chief Operating Officer, Mr Geoffrey Probert MEng,
Member of Institute of Materials, Minerals and Mining.
The volumes included in this announcement are as included in the
recent Competent Person's Report produced by Gaffney Cline &
Associates and are in accordance with SPE standards. Tcf means
trillion standard cubic feet of gas and Bcf means billion standard
cubic feet of gas.
Prospective Resources are those quantities of petroleum that are
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects.
Note
The assignment of Echo's participation in the Fraccíon C,
Fraccíon D, Laguna Los Capones and Tapi Aike licences is subject to
the authorisation of the Executive Branch of Santa Cruz's Province,
which is part of the overall process of title transfer that is
proceeding as anticipated.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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