Echo Energy Share News (ECHO)

LONDON (Alliance News) - Echo Energy PLC announced Monday the appointment of a new chief operating officer, and said it has completed re-processing of seismic data for its Bolivia project.

Echo has appointed Geoff Probert as its new COO. Probert, the company said, has held senior and executive roles with Royal Dutch Shell PLC, BHP Billiton PLC, and Petroceltic, where he was managing director for North Africa.

Echo has also finished the re-processing of 250 square kilometres of seismic data for its Huayco and Rio Salado sites, and it said more data will become available next year which it will use to enhance its model of the area.

Technical work will now focus on working up the prospect, potential volumes, and risking as well as the future exploration well location, its plan, and defining well costs.

The Huayco and Rio Salado blocks are located in the Tarija basin in Southern Bolivia, a region Echo said has proven hydrocarbons with multi-trillions of cubic feet of gas.

Chief Executive Fiona MacAulay said: "We continue to make significant progress technically and in strengthening our senior resource. It has already been a busy year for Echo, including in Bolivia, and I am pleased that the complex advanced techniques employed to enhance the seismic data have enabled us to build a more robust model across the acreage under consideration."

"I am also delighted to welcome Geoff Probert to the Echo team, whose skills will be invaluable as we commence our busy operational programme in Argentina."

Shares were down 3.0% on Monday at 12.90 pence each.