Echo Energy plc announce the signing of a contract for the acquisition of 3D seismic over a number of leads on the Company's Tapi Aike, Fraccíon C, and Fraccíon D assets, onshore Argentina, operated by Compañía General de Combustibles S.A. ("CGC") in joint venture with Echo.
The Company, through CGC, has conducted a tender exercise resulting in the signature of a contract with UGA SEISMIC SA ("UGA"), for the acquisition of a total of 1960 km² 3D seismic across the Company's assets. UGA will mobilise to Tapi Aike in November 2018, followed by Fraccíon C and Fraccíon D with the acquisition programme expected to complete in Q2 2019.
Tapi Aike is Echo's high impact, frontier scale exploration asset and already benefits from extensive 2D seismic along with 3 interpreted gas discoveries in the area offering a significant de-risked multi-Tcf exploration opportunity. At least 3 independent exploration plays have been identified within the Tapi Aike licence and these will be targeted with the 1200 km² of new 3D seismic designed to derisk the drilling of 4 prospective exploration wells during the first exploration phase expected to commence in 2019.
Up to 41 leads have already been identified at Tapi Aike, each typically with gross prospective resources of 50-600 Bcf at the best estimate level, and total aggregated unrisked gas originally in place in excess of 22 Tcf high case potential is estimated for the asset (over 9.0 Tcf mid case and over 2.5 Tcf low case).
Fiona MacAulay, Chief Executive Officer of Echo, commented:
"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. We look forward to updating our shareholders further as the programme progresses."
Energy Type Filters
Region Filters
Africa
- Angola
- Benin
- Botswana
- Cameroon
- Chad
- Comoros
- Congo DR
- Cote d'Ivoire
- Djibouti
- Equatorial Guinea
- Eritrea
- Ethiopia
- Gabon
- Gambia
- Ghana
- Guinea
- Guinea Bissau
- Kenya
- Liberia
- Madagascar
- Mali
- Mauritania
- Mozambique
- Namibia
- Niger
- Nigeria
- Republic of the Congo
- Sao Tome & Príncipe
- Senegal
- Seychelles
- Sierra Leone
- Somalia
- Somaliland
- South Africa
- South Sudan
- Sudan
- Tanzania
- Uganda
- Western Sahara
- Zambia
- Zanzibar
- Zimbabwe
Asia / Far East
Australasia
Central America
East Europe
Middle East
North America
Russia / FSU
South America
Category Filters
- Aberdeen Focus
- Acquisitions & Mergers
- Analysis
- CapEx
- Carbon Capture and Storage
- Case Studies
- Commentary/Opinion
- Company Profile
- Company Results
- Contract Award
- Country Profile
- Decommissioning
- Deepwater
- Digitalization
- Discovery
- Diversity in Energy
- Education
- Energy Key Facts
- Energy People
- Energy Transition
- Events
- Farm-in
- Farm-in Opportunities
- Finance
- Geothermal
- Hydrogen
- Job Alert
- Key Facts
- Licensing/Auction News
- New Kid on the Block
- Next Generation
- North Sea Focus
- Noticeboard
- Outlook
- People on the Move
- Planned Operational Activity
- Products & Services
- Renewable Energy
- Seismic Acquisition
- Solar
- Subsea
- Technology
- Training
- University
- Video
- Webinar
- Wind Energy