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Result of EMS-1001 Well Stimulation Programme

Tue, 12th Feb 2019 07:00


RNS Number : 6934P
Echo Energy PLC
12 February 2019

12 February 2019

Echo Energy plc

("Echo Energy" or the "Company")

Result of EMS-1001 Well Stimulation Programme

Further to the Company's announcement of 8 January 2019, the Company confirms that mechanical stimulation and testing operations on the EMS-1001 well in the Company's Fracción C licence, onshore Argentina, have been completed.

The well was mechanically stimulated through a 4m perforated interval in the Tobifera formation between 1892m and 1896m. Following clean-up operations using coiled tubing, EMS-1001 produced a mixture of pumped stimulation fluid and formation water at an average rate of 465 b/d while being artificially lifted using swabbing. No hydrocarbons were recovered from the well which suggests that the interpreted hydrocarbons present in the section are not mobile.

Based on these testing results, the Company has concluded that the EMS-1001 location is not commercial and no further testing is planned. The well will now be shut-in.

Martin Hull, Managing Director of Echo, commented:

The disappointing results of the EMS 1001 stimulation have demonstrated the challenges of working in a new volcaniclastic play. As we continue with our very active 2019 work programme we are now focused on more typical reservoirs, without volcaniclastics, in the West of the basin (Tapi Aike) and the Springhill in our C,D & L licences in the East. We have a heavy work programme at Tapi Aike this year, with seismic acquisition currently ongoing, leading to an exciting drilling campaign.

For further information please contact:

Echo Energy

Martin Hull, Managing Director

m.hull@echoenergyplc.com

Cenkos Securities (Nominated Adviser)

David Jones

Ben Jeynes

Katy Birkin

+44 (0)20 7397 8900

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

+44 (0)20 7390 0230

The information contained in this announcement has been reviewed by Echo Energy's Chief Operating Officer, Mr Geoffrey Probert MEng, Member of Institute of Materials, Minerals and Mining. b/d means barrels per day.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Note

The assignment of Echo´s participation in the Fracción C, Fracción 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 Compan~i´a 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 rns@lseg.com or visit www.rns.com.
END
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Related Shares:
Echo Energy (ECHO)



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