LONDON (Alliance News) - Echo Energy PLC on Wednesday said a series of pulling jobs have now been completed at four oil wells on the Canadon Salto field, which were aimed at increasing field production.
The oil & gas company has now connected the first well for production, with the remaining three wells anticipated to be on production "in the coming month".
"I am very pleased to announce the successful completion of our previously announced well intervention activity, and that the first well in the series has already been hooked up to the field facilities and is contributing to our production," said Chief Executive Fiona MacAulay.
Prior to the demobilisation of the Quintana-1 rig, the company said it has elected to move the rig to the EMS-1001 well location, where two zones have been selected for initial inflow testing.
"We are also pleased to be able to utilise the remaining contracted rig time to perform an initial inflow test at the EMS-1001 location having now completed additional cementing operations in the well bore," added MacAulay.
Finally, Echo Energy said its contractor UGA SEISMIC SA has now scheduled seismic crews and equipment to be on location at the Tapi Aike licence in the first half of December, to commence the acquisition of the 1,200 square kilometres of 3D seismic survey.
The stock was down 4.0% on Wednesday at 10.80 pence per share.
Echo Energy (ECHO)