Drilling Commences on CSo-2001(d)

RNS Number : 3442T

Echo Energy PLC

03 July 2018

 

3 July 2018

Echo Energy plc

("Echo" or the "Company")

Drilling Commences on CSo-2001(d)

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the commencement of drilling of the final well in the four well back-to-back campaign in the Company's Fracción D asset, onshore Argentina, operated by Compañía General de Combustibles S.A. ("CGC") in joint venture with Echo.

The well, in the western area of the Fracción D licence, targets a Tobifera high identified on 2D data, and is planned to be drilled to a measured depth of approximately 1,514 metres by the Petreven H-2015 rig.

The CSo-2001d well is targetting 19.0 bcf (gross best case) contingent resources, assigned to the prospect in the recent Competent Person's Report (CPR) produced by Gaffney Cline & Associates in addition to a further 18.7 bcf (gross best case) of prospective resources identified in the same CPR.

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	[e-mail]
Smith & Williamson (Nominated Adviser) David Jones Ben Jeynes Katy Birkin	[phone]
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[phone]
Shore Capital (Joint Corporate Broker) Jerry Keen	[phone]
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Kate Rogucheva	[phone]

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. bcf means billion 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.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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.

 

END

 

 

DRLEAEXAEDLPEAF