29th Jul 2019 12:00
(Alliance News) - Echo Energy PLC on Monday said 3D seismic data analysis has suggested similar features to work carried out on 2D data.
Echo has been studying 3D data over 414 square kilometres at the Tapi Aike licence in Argentina's Santa Cruz province.
"Analysis of this processed data is currently being conducted by a team of geophysical specialists. Early interpretations highlight a similar amplitude feature that was recognised during the interpretation of the 2D seismic," said Echo.
"Current analysis is focused on the geological understanding of the feature identified in the seismic data. This will provide Echo, and its partner and licence operator Compania General de Combustibles SA, further input into prospect generation on the eastern survey as it progresses towards identifying drill locations on the block."
Echo hopes to spud the first wells at the licence during the fourth quarter of 2019.
Shares were 9.8% higher on Monday at a price of 2.80 pence each.
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