LONDON (Alliance News) - Echo Energy PLC said Tuesday it did not recover any hydrocarbons from the mechanical stimulation and testing operations of well EMS-1001 at its Fraccion C licence, onshore Argentina.
Shares in Echo Energy were down 38% in morning trading at 5.30 pence each.
The well stimulation programme has been completed, with Echo believing the interpreted hydrocarbons present in the section "are not mobile".
Echo said the EMS-1001 location is "not commercial" and no further testing is planned. The well will now be shut-in.
"The disappointing results of the EMS 1001 stimulation have demonstrated the challenges of working in a new volcaniclastic play," said Managing Director Martin Hull.
Hull continued: "As we continue with our very active 2019 work programme we are now focused on more typical reservoirs, without volcaniclastics, in the west of the basin, Tapi Aike, and the Springhill in our C, D & L licences in the east. We have a heavy work programme at Tapi Aike this year, with seismic acquisition currently ongoing, leading to an exciting drilling campaign."
Echo Energy (ECHO)