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(Alliance News) - Oil & gas firm Echo Energy PLC said Thursday it selected the location of its first well of a four-well exploration programme at its Tapi Aike prospect in Argentina.
The well selection at Tapi Aike follows seismic analysis at the site which resulted in a positive decision to drill the site. The well will be in the eastern portion of the survyed area, and will be named Campo La Mata x-1.
The drilling programme has been selected by Echo and Tapi Aike operator Compania General de Combustibles SA.
"The company is pleased to report positive operational progress in moving towards the drilling of the CLM x-1 well and to confirm that we are now in the final stages of preparation as we await the mobilisation of the contracted drilling rig", Chief Executive Officer Martin Hull said.
Echo expects drilling to begin by December, if not before. The primary target for the well will be a formation at a depth of 2,000 metres.
Shares in London-based Echo were 4.0% higher at 3.02 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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