Echo Energy, the Latin American-focused upstream oil and gas company, announces an update on its upcoming Tapi Aike drilling programme.
Echo Energy and Compania General de Combustibles S.A. ("CGC" or the "Operator") continue to progress the
processing of the 3D seismic survey acquired across the Tapi Aike block in 2019. In the eastern poron of 3D survey
area, the Chiripa Oeste, five areas have now been selected for surface locaon permits and an environmental impact
assessment ("EIA") coveringthese locations has been submitted to the provincial authorities.
Following completion of the currently ongoing seismic analysis, one of these five locaons will be selected to drill
the La Vanguardia x-1 well, the first well of a proposed four well Tapi Aike exploration drilling programme. It is
currently anticipated that the La Vanguardia x-1 will be drilled to an approximate depth of 3,000 metres using the
Petreven H-205 rig. Subsurface interpretaon contiues and the La Vanguardia x-1 well location and well design will
be finalised once thisanalysis has been completed.The well currently remains on course to be spud in Q4 2019.
In the western cube, the Travesia de Arriba, processing of the 3D seismic data connues. Based on preliminary data,
five broad areas have been selected in which to initiate environmental studiesand commence surface permitting.
Martin Hull,Echo Energy's ChiefExecutive, commented:
"I am pleased to report that we connue to make good progress as we prepare for the start of the Tapi Aike drilling
campaign.TheLa Vanguardia x-1well will bethefirst of a proposed four well drilling programme on theTapi Aike asset,
which has the potenal to deliver material value for the Company and its shareholders. We look forward to providing
further updates as wecontinueto refinethesubsurface analysis of the basin and progress with drilling preparations."
