Echo Energy PLC Tapi Aike Update (9708K)
03 September 2019 - 4:00PM
UK Regulatory
TIDMECHO
RNS Number : 9708K
Echo Energy PLC
03 September 2019
3 September 2019
Echo Energy
("Echo" or the "Company")
Tapi Aike Update
Echo Energy, the Latin American-focused upstream oil and gas
company, announces an update on its upcoming Tapi Aike drilling
programme.
Echo Energy and Compan i a General de Combustibles S.A. ("CGC"
or the "Operator") continue to progress the processing of the 3D
seismic survey acquired across the Tapi Aike block in 2019. In the
eastern portion of 3D survey area, the Chiripa Oeste, five areas
have now been selected for surface location permits and an
environmental impact assessment ("EIA") covering these locations
has been submitted to the provincial authorities.
Following completion of the currently ongoing seismic analysis,
one of these five locations will be selected to drill the La
Vanguardia x-1 well, the first well of a proposed four well Tapi
Aike exploration drilling programme. It is currently anticipated
that the La Vanguardia x-1 will be drilled to an approximate depth
of 3,000 metres using the Petreven H-205 rig. Subsurface
interpretation continues and the La Vanguardia x-1 well location
and well design will be finalised once this analysis has been
completed. The well currently remains on course to be spud in Q4
2019.
In the western cube, the Travesia de Arriba, processing of the
3D seismic data continues. Based on preliminary data, five broad
areas have been selected in which to initiate environmental studies
and commence surface permitting.
Martin Hull, Echo Energy's Chief Executive, commented:
"I am pleased to report that we continue to make good progress
as we prepare for the start of the Tapi Aike drilling campaign. The
La Vanguardia x-1 well will be the first of a proposed four well
drilling programme on the Tapi Aike asset, which has the potential
to deliver material value for the Company and its shareholders. We
look forward to providing further updates as we continue to refine
the subsurface analysis of the basin and progress with drilling
preparations."
For further information, please contact:
Echo Energy m.hull@echoenergyplc.com
Martin Hull, Chief Executive Officer
Cenkos Securities (Nominated Adviser)
David Jones
Ben Jeynes +44 (0) 20 7397 8900
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 Advisor)
Patrick d'Ancona
Chris McMahon +44 (0)20 7390 0230
Note
The assignment of Echo's participation in the 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. The licence is operated
by Compan i a General de Combustibles S.A. ("CGC").
This information is provided by RNS, the news service of the
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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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