LONDON (ShareCast) - (ShareCast News) - South and central-American focussed upstream gas company Echo Energy announced the award of a seismic reprocessing contract for the 3D seismic data over the Huayco and Rio Salado blocks, onshore Bolivia on Friday.
The AIM-traded firm said that, following a competitive tender process between eight companies, the contract for reprocessing the existing 3D seismic across the Huayco and Rio Salado blocks was awarded to DMT Petrologic, which it said had "extensive experience" in the reprocessing of vintage data in similar thrust belt areas.

It said the initial reprocessed tranche was anticipated by the end of November, with the full scope of work anticipated to be completed during the first quarter of 2018.

The acquisition of an interest by Echo in either or both of Huayco and Rio Salado remained contingent on final commercial terms being agreed, and as such the company said it did not have an interest, or the right to acquire, any interest at this stage during the non-exclusive evaluation period.

Echo said it would also shortly be inviting investors to register their interest in an investor trip to the region in early 2018.

"I am very pleased to be able to announce the award of the contract for the seismic reprocessing which is a critical step in determining the future work programme across the Huayco and Rio Salado blocks," said chief executive Fiona MacAulay.

"The level of interest and competitive bidding for the work with Echo was very encouraging and we look forward to working with DMT Petrologic over the next few months."

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