Echo Energy PLC Update re Tapi Aike Seismic and Fracción C (0636R)

TIDMECHO

RNS Number : 0636R

Echo Energy PLC

26 February 2019

26 February 2019

Echo Energy plc

("Echo" or the "Company")

Update re Tapi Aike Seismic and Fracción C

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the safe and efficient completion of the 3D survey on schedule across the eastern cube on Tapi Aike. Initial indications suggest very good data quality. The equipment will now mobilise to the western cube and start acquisition once all equipment is on site and surveys have been completed. The eastern cube (Chiripa Oeste) covers 414 sq km and the western cube (Travesia de Arriba) covers 790 sq km and will underpin the Tapi Aike drilling campaign.

The Company also confirms that it is currently utilising the results of mechanical stimulation at the EMS-1001 well at the Company's Fracción C licence, onshore Argentina, to refine a mechanical stimulation design for the ELM-1004 well. This refined stimulation design, once complete, will be considered in the light of the reservoir characteristics at the location and enable a final decision to be taken on whether to proceed with the stimulation.

For further information please contact:

 
 Echo Energy 
  Martin Hull, Managing Director                 [e-mail] 
 Cenkos Securities (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                      [phone] 
 

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 Fracción C, Fracción 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. The licences are operated by Compan i a General de Combustibles S.A. ("CGC").

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February 26, 2019 02:00 ET (07:00 GMT)