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Echo Energy completes seismic survey ahead of Tapi Aike drilling

The explorer described the programme as a "key operational milestone".

oil well drilling
Drilling is planned in the fourth quarter

Echo Energy PLC (LON:ECHO) shares rose on Wednesday as the firm told investors it has completed a 3D seismic exploration survey at the Tapi Aike licence in Argentina.

The survey covered the ‘western cube’ of the project and data processing is now underway.

It follows previous seismic data acquisition and processing of the ‘eastern cube’ data now said to be nearing completion.

READ: Echo tipped for new upside as Tapi Aike takes spotlight

“The timely completion of seismic acquisition at Tapi Aike prior to the end of H1 2019 is a key operational milestone for the company and one which ensures that the pathway to drilling Tapi Aike remains on track - with spud currently anticipated to take place in Q4 2019,” Echo said in a statement.

Echo added that it is working closely with its Argentinian partner with a view to drilling ‘early in the window’ now that seismic acquisition is complete.

In a note to clients, analysts at SPAngel said: " Positive news from Echo and its partners as they continue to target an Argentinean drilling campaign later in the year."

In late morning trading, Echo Energy shares were 2% higher at 2.55p.

 -- Adds analyst comment, share price --

Quick facts: Echo Energy PLC

Price: 2.675 GBX

Market: AIM
Market Cap: £19.04 m

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