viewEcho Energy PLC

Echo Energy will shortly shoot seismic on Tapi Aike, chief executive moves to non-exec role

Echo's new managing director will be supported by outgoing chief executive Fiona Macaulay

Tapi Aike could contain multiple tcfs of gas

Echo Energy Plc (LON:ECHO) has mobilised equipment that will allow it to acquire 1,200 square kilometres of three-dimensional seismic data on the Tapi Aike exploration acreage in Neuquén province, Argentina.

The seismic programme will last four months and will commence once all the equipment has arrived on site and parameter testing is completed early in 2019.

READ: No let up in pace as Echo Energy pushes ahead with Argentina projects

Echo’s view is that Tapi Aike could contain several trillion cubic feet (tcf) of gas. Following the seismic programme, the plan is to undertake a four well exploration drilling programme, with each well likely to cost between US$2mln and US$4mln net to Echo.

Meanwhile, commencement of the stimulation of the EMS-1001 well, drilled in June 2018 on the Fracción C licence, onshore Argentina, is now scheduled to commence in approximately four weeks, following minor delays in the releasing of equipment from a third party contract.

And separately, it’s been announced that chief executive Fiona Macaulay is to step up into a non-executive role and that Martin Hull, Echo’s chief financial officer has been appointed managing director.

"It has been a huge pleasure to work with Fiona in these early stages of Echo's development and I would like to thank her for her significant contribution in securing our Argentinian portfolio, drilling four wells, completing various workovers and in strengthening and deepening the executive team,” said chairman James Parsons.

“At this stage in her career Fiona wishes to develop a non-executive portfolio and we look forward to having the benefit of her continuing input as a fellow director of the company.”



Quick facts: Echo Energy PLC

Price: 2.55 GBX

Market: AIM
Market Cap: £18.15 m

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