LONDON (Alliance News) - Oil and gas firm Echo Energy PLC on Wednesday said it has started drilling the first of four wells on its Fraccion D asset onshore Argentina.
The well, ELM-1004, was spudded on Tuesday using a rig contracted to its joint venture partner on the project Compania General de Combustibles SA.
Work is targeting the crest of a structure at the upper and middle Tobifera levels with 38 billion cubic feet of gross gas estimated to be in place.
Chief Executive Fiona MacAulay said: "We are delighted to be starting our exciting four well exploration campaign shortly after the successful workover well campaign in Fraccion D.
"A presentation with further details on the exploration well location and target structure will be uploaded to the Company website shortly."
Shares were up 3.6% on Wednesday at 12.85 pence each.
Echo Energy (ECHO)