LONDON (Alliance News) - Latin America-focused upstream oil and gas company Echo Energy PLC said on Friday it will substitute the fourth and final well in the current exploration programme across Fraccion C to drill the CSo 111-I well at Fraccion D in Argentina.
The well would target a total gross prospective resource of 18.8 billion cubic feet of gas, confirming existing contingent resources of 19.0 billion cubic feet. Success on the well will increase the support an early decision for gas development at Fraccion D.
The Los Joquines well, the substituted well will now be drilled as the first well during the second phase of exploration drilling.
"The recent positive results from the extended testing at CSo-85 of the Springhill reservoir, mean that prior to sanction of any development plan the company and its partner would like to understand the potential scale of development including contribution of gas from the Tobifera formation. We are delighted to be able to advance the drilling of CSo 111-1 well, as this will greatly enhance our understanding of the developable asset base in Fraccion D and enable the optimised design of pipeline and processing facility capacities," said Chief Executive Officer Fiona MacAulay.
Shares in Echo Energy were up 0.4% at 11.75 pence on Friday.
Echo Energy (ECHO)