(Alliance News) - Echo Energy PLC said Monday it has now spudded the Campo Limite exploration well and perforated a deeper secondary target at Campo La Mata x-1 well in Argentina.
Echo Energy shares were up 8.4% in London at 2.44 pence each on Monday.
The Latin-America focused oil and gas company said following the mobilization of the Petreven H-205 rig to the Palermo Aike production concession in the Santa Cruz Sur assets, the company has spudded the Campo Limite exploration well.
The company said the well is expected to reach total measured depth next week and will be then followed by wireline logging operations.
Echo Energy also said following the completion of drilling operations at La Mata x-1 well at Tapi Aike, the deeper secondary target in the Anita Formation has been perforated and mechanical stimulation will begin shortly.
It is expected to complete on next two weeks, the company noted.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Echo Energy (ECHO)