(Alliance News) - Oil & gas company Echo Energy PLC on Monday said it will advance operations at the Campo Limite exploration well in Argentina, after promising initial drilling data.
Campo Limite was drillied to 2,247 metres and London-based Echo Energy said initial reports from drilling and wireline logging were "encouraging".
Alongside Selva Maria Oil & Gas SA, the Buenos Aires-based operator of the asset, Echo Energy said it will move to the "next stage of operations" at the Campo Limite well.
Echo Energy added: "The presence of elevated gas shows in the target section combined with wireline log data is positive and has resulted in the company and the operator taking the decision to move to completion and testing. The company cautions that completion of the well test and analyses of the results is needed to conclusively establish the presence of producible gas."
Shares in the company were flat at 2.30 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Echo Energy (ECHO)