LONDON (Alliance News) - Echo Energy PLC said Monday it has completed drilling at its Fraccion D licence in Argentina where a "notable gas column" was interpreted.
The CSo-2001(d) well reached a total depth of 1,511 metres in the Upper Jurassic Tobifera formation across which "extensive gas and light hydrocarbon shows were recorded".
Preliminary wireline log evaluations have been completed and initial interpretations indicate about 30 metres of potential net pay within the section between 1,272 metres and 1,304 metres.
Echo said this is "towards the upper end of the range" used in the contingent and prospective resource estimations.
Echo said: "The well encountered over 60 metres of gas shows through the Upper Tobifera with gas peaks of over 168,000 parts per million and a full distribution of C1 to C5 hydrocarbons, measured with reference to background gas levels of less than 2,500 parts per million outside of the zone of interest."
Chief Executive Officer Fiona MacAulay said: "I am delighted that the our fourth well in the current drilling campaign has again successfully interpreted a notable gas column in the Tobifera. With the Quintana 01 completion and testing rig mobilising to the area this week we will be able to test this interval within the forthcoming testing sequence, enabling an early decision to be made on monetisation options in Fracción D. We are now looking forward to commencement of testing on the ELM 1004 well which will be the first well to be tested in this programme
Shares in Echo Energy were up 1.2% at 18.12 pence each.
Echo Energy (ECHO)