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LONDON (Alliance News) - Shares dropped in Echo Energy PLC on Tuesday as a delay in the stimulation of one of the company's wells, coincided with the stepping down of Chief Executive Officer Fiona MacAulay.
Shares in the Latin American-focused upstream oil & gas company were down 12% at 6.25 pence on Tuesday.
At Echo Energy's Fraccion C licence, onshore Argentina, stimulation of the EMS-1001 well is expected to start in four weeks following delays in the releasing of equipment from its third party contract.
MacAulay is expected to step down from her role with effect at the end of 2018, after a year in the role since 2017, and will continue at Echo as a non-executive director.
Chief Financial Officer Martin Hull has been appointed as managing director with immediate effect.
In addition, mobilisation of equipment to acquire 1,200 square kilometres of 3D seismic on the Tapi Aike exploration acreage in Nuequen province, also in Argentina is expected to start immediately.
The seismic acquisition programme is expected to last four months will start once all equipment has arrived and parameter testing is completed in early 2019.
Following the programme's completion, Echo Energy expects to define an initial four-well exploration drilling programme with each well expected to cost between USD2 million and USD5 million net to Echo.
"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. 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," said Chairman James Parsons.