Last checked at 12 Feb 2019 07:00
12 February 2019
Echo Energy plc
("Echo Energy" or the "Company")
Result of EMS-1001 Well Stimulation Programme
Further to the Company's announcement of 8 January 2019, the Company confirms that mechanical stimulation and testing operations on the EMS-1001 well in the Company's Fracción C licence, onshore Argentina, have been completed.
The well was mechanically stimulated through a 4m perforated interval in the Tobifera formation between 1892m and 1896m. Following clean-up operations using coiled tubing, EMS-1001 produced a mixture of pumped stimulation fluid and formation water at an average rate of 465 b/d while being artificially lifted using swabbing. No hydrocarbons were recovered from the well which suggests that the interpreted hydrocarbons present in the section are not mobile.
Based on these testing results, the Company has concluded that the EMS-1001 location is not commercial and no further testing is planned. The well will now be shut-in.
Martin Hull, Managing Director of Echo, commented:
The disappointing results of the EMS 1001 stimulation have demonstrated the challenges of working in a new volcaniclastic play. 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.
For further information please contact:
Echo Energy Martin Hull, Managing Director |
m.hull@echoenergyplc.com |
Cenkos Securities (Nominated Adviser) David Jones Ben Jeynes Katy Birkin
| +44 (0)20 7397 8900 |
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell
| +44 (0)20 7907 8500
|
Shore Capital (Joint Corporate Broker) Jerry Keen
| +44 (0)20 7408 4090 |
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon
| +44 (0)20 7390 0230 |
The information contained in this announcement has been reviewed by Echo Energy's Chief Operating Officer, Mr Geoffrey Probert MEng, Member of Institute of Materials, Minerals and Mining. b/d means barrels per day.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Note
The assignment of Echo´s participation in the Fracción C, Fracción D, Laguna Los Capones and Tapi Aike licences is subject to the authorisation of the Executive Branch of Santa Cruz´s Province, which is part of the overall process of title transfer that is proceeding as anticipated. The licences are operated by Compañía General de Combustibles S.A. ("CGC").