LONDON (Alliance News) - Latin American-focused oil and gas company Echo Energy PLC said on Friday it has agreed to acquire 3D seismic over several leads on its Tapi Aike, Fraccion C and Fraccion D, assets, onshore Argentina.
A total of 1,960 square kilometres of 3D seismic across the company's assets will be acquired from UGA SEISMIC SA. UGA will mobilise to Tapi Aike in November, followed by Fraccion C and Fraccion D with the acquisition programme expected to complete in the second quarter of 2019.
41 leads have already been identified at Tapi Aike each with gross prospective resources ranging from 50 to 600 billion cubic feet of gas at the best estimate level, and total aggregated unrisked gas originally in place in excess of 22 trillion cubic feet high case potential estimated for the asset.
"We are very pleased to have been able to finalise the contract award for seismic acquisition with UGA Seismic SA, a renowned Argentinian operator and part of the South American Seismic group of companies. The negotiation of the competitively priced contract has provided us with significant cost savings against our originally forecast budget and means that we will be able to shoot the entire committed seismic in one of our most exciting licence areas over the next few months," said Chief Executive Officer Fiona MacAulay.
Shares in Echo Energy were down 0.8% at 12.55 pence on Friday.
Echo Energy (ECHO)