Echo Energy PLC Acceleration of Fracción D Drilling (4814R)
June 15 2018 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 4814R
Echo Energy PLC
15 June 2018
15 June 2018
Echo Energy plc
("Echo" or the "Company")
Acceleration of Fracción D Drilling
Echo Energy plc, the Latin American focused upstream oil and gas
company, is pleased to announce that following completion of the
succesful extended well test on well CSo-85 in the Company's
Fraccio n D asset, the Company and its Joint Venture partner and
operator Compan i a General de Combustibles S.A. ("CGC") have
elected to substitute the fourth and final well (Los Joaquines) in
the current exploration programme across Fracción C and Laguna de
Los Capones assets to enable the parties to drill the CSo 111-I
well at Fracción D, targeting the Tobifera gas play, on an
accelerated basis.
The CSo 111-I well would be located on the western flank of
Cañadon Salto and would target total gross prospective resource of
18.8 bcf (best case) in addition to confirming existing contingent
resources of 19.0 bcf (gross best case). Success on this well would
further support an early decision for gas development at Fraccio n
D.
The Los Joquines well, derisked through the drilling of the ELM
1004 well, has been substituted out of the current exploration
programme by way of an agreed amendment to the CDL Farmout
Agreement (covering the Fraccio n C, Fraccio n D and Laguna De Los
Capones licence areas) between Echo and Joint Venture partner and
operator CGC and will now instead potentially be drilled as the
first well during the second phase of exploration drilling.
Fiona MacAulay, Chief Executive Officer of Echo, commented:
"The recent positive results from the extended testing at CSo-85
of the Springhill reservoir, mean that prior to sanction of any
development plan the Company and its partner would like to
understand the potential scale of development including
contribution of gas from the Tobifera formation. We are delighted
to be able to advance the drilling of CSo 111-1 well, as this will
greatly enhance our understanding of the developable asset base in
Fraccio n D and enable the optimised design of pipeline and
processing facility capacities. We are, as ever, focused on
maximising long term value for Echo shareholders and will continue
to seek to optimise operational plans with that goal in mind."
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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.
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; 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. Contingent Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations, but the applied project(s) are not yet
considered mature enough for commercial development because of one
or more contingencies.
Note
The assignment of the Echo's participation in the Fraccíon D
licence 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
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