According to reports in late-January 2018, Echo Energy has completed the acquisition of 50% interest from Cia General de Combustibles (CGC) in Laguna de los Capones block and the surrounding Fraccion C & D (or Blocks C & D) of the Santa Cruz I concession, as well as the recently awarded Tapi Aike block. The transaction was originally signed in November 2017, and said to include a USD 2.5 million cash consideration for Laguna de los Capones and Fraccion C & D, while there was no upfront cash consideration for Tapi Aike. Laguna de los Capones (413 sq km), Fraccion C & D (5,804 sq km total), and Tapi Aike (5,147 sq km) are situated in onshore Austral Basin within the Province of Santa Cruz. Laguna de los Capones (413 sq km) and Fraccion C & D (5,804 sq km total) are producing blocks where Echo plans to carry CGCâs 50% interest during the initial work program in the next 18 months. Commitment for Laguna de los Capones consists of reprocessing and analysis of existing 3D seismic in the area. Work program for Fraccion C entails the acquisition of 500 sq km 3D seismic and the drilling of 4 exploration wells, while the program in Fraccion D includes the workover of 3 wells and the drilling of a new exploration well (pending on positive results from said workovers), along with acquisition of 230 sq km of 3D seismic. The latter commitment is transferable to Fraccion C block, pending on results of said workovers too. Tapi Aike block was awarded to CGC in September 2017. Work commitments for the block was said to include reprocessing of existing 2D and 3D seismic, acquisition of 1,200 sq km of 3D seismic, and the drilling of 4 exploration wells in the first exploration phase of three years (or four if tight gas play is developed). It is worth noting that the Argentinean government recently announced in November 2017 that the country has expanded the subsidies in its âGas Planâ to also cover unconventional natural gas production from the Austral Basin. Echo will carry CGC for 15% of the total work program in Tapi Aike block.
Argentina (Austral B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: Laguna de los Capones (CA-2 M) op. by CGC (100.0%) to be check.Tapi Aike op. by CGC (100.0%) to be check.