StockMarketWire.com - Echo Energy said it was making preparations to get seismic data on Tapi Aike exploration acerage underway and announced that Fiona MacAulay would be moving from her current role as Chief Executive Officer to that of a Non-Executive Director of the Company at the end of 2018.

The Board has appointed Martin Hull, the Company's CFO, as Managing Director with immediate effect.

Martin Hull would be actively supported by the company's Non-Executive Chairman and, for a transitionary period until 31 March 2019, by Fiona MacAulay, the company confirmed.

The company also announced that it had mobilised equipment allowing it to acquire 1,200 square kilometres of three-dimensional seismic data on the Tapi Aike exploration acreage in Neuquén province, Argentina.

The seismic acquisition programme, lasting approximately 4 months, would get underway once all equipment had arrived on site and parameter testing is completed early in 2019, the company confirmed.

The company said it believes the Tapi Aike licence could contain multi trillion of cubic feet of gas.

Following completion of the upcoming seismic acquisition programme and subsequent data interpretation, the company expected to outline an initial 4 well exploration drilling programme with each well estimated to cost between US$2m and US$5m net to Echo.

The stimulation of the EMS-1001 well, drilled in June 2018 on the Fracción C licence, onshore Argentina, was now scheduled to commence in approximately four weeks, following minor delays in 'the releasing of equipment from a third party contract,' the company said.





Story provided by StockMarketWire.com