LONDON (Alliance News) - Echo Energy PLC said Monday it completed work on four wells in the Canadon Salto Field in Argentina as part of its plan to boost production.
The Latin American focused upstream oil & gas company said that, following the work at the field, it achieved production of 115 barrels of oil per day, up from 5 barrels per day.
"This initial phase has already produced very encouraging results with the combined oil production from the four wells currently totalling in the order of 115 barrels per day, with these rates increasing as the wells 'oil-in' and the pumps and associated facilities are optimised," the company said.
It added: "The CSo-96 well which was the first well to be commissioned has seen a material increase from its initial production of 12 barrels per day rising to the current level of 60 barrels per day and is an indicator of potential capacity of these wells."
Echo Energy shares were trading down 2.0% at 9.70 pence each.
Echo Energy (ECHO)