Echo Energy PLC Signature of a Technical Evaluation Agreement (1530M)
July 26 2017 - 6:25AM
UK Regulatory
TIDMECHO
RNS Number : 1530M
Echo Energy PLC
26 July 2017
26 July 2017
Echo Energy
("Echo" or "the Company")
Bolivia - Signature of a Technical Evaluation Agreement for the
Rio Salado Block
Echo Energy, the South and Central American focused upstream gas
company, is delighted to announce the signature of a Technical
Evaluation Agreement (TEA) for the Rio Salado Block, onshore
Bolivia.
The TEA between the Company, Pluspetrol and YPFB (Yacimientos
Petrolíferos Fiscales Bolivianos) was signed on 25 July 2017 at the
YPFB 2017 Gas & Oil Congress in Santa Cruz, Bolivia. This
agreement will enable the companies to progress a technical
evaluation of the block over the next 12 months. On completion of
the Technical Evaluation the companies will have the opportunity to
negotiate a commercial agreement with YPFB which would define a
work programme and is likely to include the drilling of an
exploration well.
The Rio Salado Block, which surrounds the Huyaco Block, contains
an extension of the structure previously identified by the Company.
As a result, the Company's seismic reprocessing programme for the
Huayco Block will now be extended to incorporate additional data
over the Rio Salado acreage for a minimal incremental cost over the
greater Huayco area.
The acquisition of an interest by Echo Energy in Rio Salado
remains contingent on final commercial terms being agreed and
accordingly the Company does not have an interest or the right to
acquire any interest at this stage during the non-exclusive
evaluation period.
Fiona MacAulay, Chief Executive Officer, commented:
"We are delighted to announce the signature of the Technical
Evaluation Agreement, further strengthening our relationship with
our partner Pluspetrol and YPFB, the state oil company in Bolivia.
This agreement enables the Company to evaluate the highly
prospective and potentially multi TCF exploration area which
extends around the Huayco block. This is the second of many
pre-identified strategic transactions in Bolivia demonstrating
Echo's ability to move quickly and deliver on its stated strategy.
This is an exciting time for the Company and I look forward to
updating the market in due course.
For further information please contact:
James Parsons Echo Energy plc j.parsons@echoenergyplc.com
Fiona MacAulay Echo Energy plc f.macaulay@echoenergyplc.com
ZAI Corporate Finance
John Treacy Ltd. 020 7060 2220
(Nominated Adviser)
Oliver Stansfield Brandon Hill Capital
Jonathan Evans (Broker) 020 3463 5000
Patrick d'Ancona
Chris McMahon Vigo Communications
Ali Roper (PR Adviser) 020 7830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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