ECHO Echo Energy Plc

TIDMECHO

RNS Number : 0362R

Echo Energy PLC

12 June 2018

12 June 2018

Echo Energy plc

("Echo" or the "Company")

Drilling Commences on EMS-1001

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the commencement of drilling of the third exploration well in a four well back-to-back campaign in the Company's Fracción C and Laguna de Los Capones assets, onshore Argentina in Joint Venture between Echo and its Argentine partner Compan i a General de Combustibles S.A. ("CGC").

The Petreven H-205 rig has commenced drilling of the Company's third exploration well EMS-1001 ('El Molino Sur') which is located in the southern area of the Fracción C licence. The well is targeting a structural 4 way closure at the Springhill and Tobifera levels and will be drilled to a measured depth of approximately 2,250 metres. Gross prospective unrisked oil initially in place for the structure on a Pmean basis is estimated at approximately 60 MMbbls (included in the recent Competent Person's Report produced by Gaffney Cline & Associates).

The Company will update shareholders with progress on the exploration drilling programme as the programme advances.

For further information please contact:

 
 Echo Energy plc 
  Fiona MacAulay, CEO                        f.macaulay@echoenergyplc.com 
  Will Holland, CFO                          w.holland@echoenergyplc.com 
 Smith & Williamson (Nominated Adviser) 
  David Jones 
  Ben Jeynes 
  Katy Birkin                              +44 (0)20 7131 4000 
 Hannam & Partners (Corporate Broker) 
  Giles Fitzpatrick 
  Andrew Chubb 
  Ernest Bell                              +44 (0)20 7907 8500 
 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 Vice President, Exploration, Dr. Julian Bessa Msc, DPhil, a Fellow of the Geological Society and a Member of the Petroleum Exploration Society of Great Britain. Volume estimates are in accordance with SPE standards. MMbbls means million barrels of oil.

Note

The assignment of the Echo's participation in the Fracción C and Laguna de Los Capones licences is subject to the authorization 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

DRLBRGDLXDBBGIB

(END) Dow Jones Newswires

June 12, 2018 02:00 ET (06:00 GMT)

Echo Energy (LSE:ECHO)
Historical Stock Chart
From Apr 2024 to May 2024

Echo Energy (LSE:ECHO)
Historical Stock Chart
From May 2023 to May 2024