Information  X 
Enter a valid email address

Echo Energy PLC (ECHO)

  Print      Mail a friend

Monday 15 October, 2018

Echo Energy PLC

EMS-1001: Completion of Initial Perforation

RNS Number : 9680D
Echo Energy PLC
15 October 2018
 

15  October 2018

Echo Energy plc

("Echo" or the "Company")

 

Succesful Initial Perforation at third well

 

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to provide an update on the initial perforation phase on the third Argentinian well.

The Company previously drilled four wells across the Company's onshore licences in Argentina.  On 21 June 2018, the Company announced that the third well in the sequence (EMS-1001 in the Fraccion C licence which reached a total depth of 2460m in the Upper Jurassic Tobifera formation) was considered potentially material and transformational.  This followed initial interpretation (from the wireline logs) of an extended oil column in the Tobifera Formation

 

The Company has now perforated and performed inflow tests on two representative intervals, with a view to ensuring no mobile formation water presence prior to rigless mechanical stimulation of the well (the standard technique in this basin).

 

The Company is pleased to report that the results of the inflow tests confirm that the intervals are suitable for mechanical stimulation and are therefore encouraged to be moving to this next phase of the programme.

 

The rig is now off contract and has been demobilised following completion of all anticipated rig based activities. Once design and planning is complete the Company expects to return to EMS-1001 and to co-ordinate that activity with the planned stimulation of the ELM-1004 anticipated to commence by year end.

 

 

For further information please contact:

Echo Energy plc

Fiona MacAulay, CEO

 

 

f.m[email protected]

 

Smith & Williamson (Nominated Adviser)

David Jones

Ben Jeynes

Katy Birkin

 

+44 (0)20 7131 4000

Hannam & Partners (Joint Corporate Broker)

Giles Fitzpatrick

Andrew Chubb

Ernest Bell

 

+44 (0)20 7907 8500

 

Shore Capital  (Joint Corporate Broker)

Jerry Keen

 

+44 (0)20 7408 4090

Vigo Communications (PR Adviser)

Patrick d'Ancona

Chris McMahon

Kate Rogucheva

 

+44 (0)20 7390 0230

 

Note

 

The assignment of Echo´s participation in the Fraccíon C, Fraccíon D, Laguna Los Capones and Tapi Aike licences is subject to the authorisation of the Executive Branch of Santa Cruz´s Province, which is part of the overall process of title transfer that is proceeding as anticipated.  The licences are operated by Compañía General de Combustibles S.A. ("CGC")


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
DRLGGGGUUUPRGRC

a d v e r t i s e m e n t