(Alliance News) - Echo Energy PLC on Tuesday said it has selected five areas as possible locations for the first well in the Tapi Aike drill campaign in Argentina.
Shares in the upstream oil and gas company were down 4.0% at 2.40 pence in London in mid day trading.
Environmental impact assessments plus surface location permits have been sent to the authorities for all five site and, once seismic analysis is complete, one of them will be chosen for the La Vanguardia x-1 well. This will be the first of a planned four-well programme at Tapi Aike.
Vanguardia x-1 will be drilled to around 3,00 metres using the Petreven H-205 rig and is set to spud in the fourth quarter of 2019.
Chief Executive Martin Hull said: "I am pleased to report that we continue to make good progress as we prepare for the start of the Tapi Aike drilling campaign. The La Vanguardia x-1 well will be the first of a proposed four well drilling programme on the Tapi Aike asset, which has the potential to deliver material value for the company and its shareholders. We look forward to providing further updates as we continue to refine the subsurface analysis of the basin and progress with drilling preparations."
Echo Energy (ECHO)