Search Share Prices
Echo Energy appoints new COO as it makes progress in Bolivia
South and Central American-focussed upstream oil and gas company Echo Energy announced the appointment of Geoff Probert as its chief operating officer on Monday.
The AIM-traded firm said Probert was bringing more than 30 years of operational experience to the company, with an upstream career including senior and executive roles with Shell, BHP Billiton and most recently as North Africa managing director for Petroceltic.
He was described as a "recognised expert" in exploration drilling, field appraisal, field development and field rehabilitation operations, with the board saying he was bringing a "wealth of experience" in asset monetisation.
Probert has a degree in chemical engineering, and a masters degree in petroleum engineering from Heriot Watt University.
In addition, Echo Energy updated the market on its operations in Bolivia, where it had been working to progress the exploration opportunity in Huayco and Rio Salado following the signatures of the joint evaluation agreement with Pluspetrol Bolivia Corporation and the Rio Salado technical evaluation agreement between Pluspetrol and Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) in July last year.
The company, alongside its subsurface consultants ERC Equipoise, EPI and DMT Petrologic, said it had been focused on construction and completion of the geological and structural model incorporating field and seismic data, which confirmed the potential for a deep footwall structure.
It said reprocessing of the 250 square kilometres of seismic data, originally acquired in 1998, had now been completed utilising advanced algorithms and workflows, including 5D interpolation and proprietary common reflection surface (CRS) technology to gain an uplift in time domain imaging and reduction of data noise typical in the mountainous fold and thrust belts.
More data would be available to the company later in the year, with the board saying it intended to incorporate that data to enhance its model in the deeper section.
The technical work programme would now focus on working up the prospect, potential volumes and risking in addition to the future exploration well location, well plan and more accurate well costs, the board explained.
It said that alongside Pluspetrol, the company had the opportunity to progress to a commercial agreement with YPFB on completion of the technical evaluation, and that decision - along with an associated work programme - would be made in the second half of 2018.
Potential future drilling would most likely follow the results of other wells currently drilling in the basin, the board said, adding that it expected to introduce a partner before drilling.
The acquisition of an interest by Echo in Huayco or Rio Salado remained contingent on final commercial terms being agreed.
As a result, the company did not have an interest or the right to acquire any interest at the current stage during the non-exclusive evaluation period.
The company said it was continuing to assess other opportunities in Bolivia, and a non-binding expression of interest was in place with YPFB for opportunities in the Northern sub-Andean, the Boomerang area, Southern sub-Andean, Sub-Andean foothills and the Chaco Plain.
Echo was now working with YPFB to identify potential licences that it could progress to technical evaluation agreements.
"We continue to make significant progress technically and in strengthening our senior resource," said Echo Energy chief executive Fiona MacAulay.
"It has already been a busy year for Echo, including in Bolivia, and I am pleased that the complex advanced techniques employed to enhance the seismic data have enabled us to build a more robust model across the acreage under consideration."
MacAulay said efforts would now be focused on defining the prospectivity across the Huayco and Rio Salado acreage, alongside evaluating other complementary opportunities in the region.
"I am also delighted to welcome Geoff Probert to the Echo team, whose skills will be invaluable as we commence our busy operational programme in Argentina."