(Alliance News) - Echo Energy PLC said Thursday it has now mobilised the drilling rig to the Palermo Aike concession on the Santa Cruz Sur assets in Argentina.
The rig is to drill the Campo Limite exploration well CLix-1001.
Echo Energy shares were up 7.6% in London at 2.18 pence each on Thursday.
The Latin American-focused oil and gas company said CLix-1001 will target the Springhill reservoir on a structure located two kilometres from the Chilean border.
The CLix 1001 well will be operated by Roch SA and drilling of the well will commence during the week ending December 29.
The drilling rig was mobilised following the completion of drilling operations at the company's Campo La Mata CLM x-1 well on Tapi Aike.
Chief Executive Martin Hull, said: "The coming weeks represent a very exciting period for Echo as we drill CLix-1001 and move to begin the testing of the recently drilled CLMx-1 well in the Tapi Aike concession, following the previously announced encouraging initial data."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Echo Energy (ECHO)