Drilling Commences on ELA-1

RNS Number : 4991P

Echo Energy PLC

29 May 2018

 

29  May 2018

Echo Energy plc

("Echo" or the "Company")

Drilling Commences on ELA-1

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the commencement of drilling of the second exploration well in a four well back-to-back campaign in the Company's Laguna de Los Capones asset (surrounded by the wider Fracción C licence area), onshore Argentina.  This block is operated by Compañía General de Combustibles S.A. ("CGC") with the Company participating as a non-operating 50% partner.

The Petreven H-205 rig, on contract to Echo's joint venture partner CGC, commenced drilling on 26^th May 2018 of the Company's second exploration well ELA-1 which is located in the south eastern extent of the 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 around 1,800 metres. Gross unrisked gas initially in place for the structure on a Pmean basis is estimated at approximately 40 bcf (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 Will Holland, CFO	[e-mail] [e-mail]
Smith & Williamson (Nominated Adviser) David Jones Ben Jeynes Katy Birkin	[phone]
Hannam & Partners (Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell	[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.

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.

Notes:

The assignment of the Echo´s participation in the Laguna de Los Capones 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.

 

END

 

 

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