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Echo Energy highlights “very positive” well test results

Published: 07:32 11 Jun 2018 BST

oil and gas operations
A rate of 2.5mln cubic feet per day was measured during the testing period

Echo Energy Plc (LON:ECHO) has released details of what it described as “very positive” well testing results, following the successful work-over of the CSo-85 well at the Fracción D asset, Argentina.

A maximum flow rate of 2.5mln cubic feet of gas per day was measured in the well during a sixteen day period of stabilised gas production.

READ: Echo Energy looks forward to testing ELA-1 well

"The extended testing of the Springhill C1 reservoir on the eastern flank of the Cañadon Salto field has provided us with some very positive data relating to the likely commerciality of the gas development of the field,” said Fiona MacAulay, Echo chief executive.

“Echo and its partner, CGC, are working to establish a fully costed development plan including the pipeline and associated gas processing facilities along with the timeline on which we could anticipate the development activities to commence."

The company told investors that the well results indicate that the CSo-85 well is “in direct communication” with around 4 billion cubic feet of gas that’s seen to be in the Springhill C1 reservoir.

It added that it may now be possible to convert some, or all, of the currently classified gross best case prospective resources of 15.3 bcf immediately to contingent resources.

Moreover, the company highlighted that deeper resources in the Springhill C3 reservoir has some 11.6 bcf of estimated prospective resources across the same eastern flank as CSo-85, and that gas could similarly be converted if that reservoir is added to the development plan.

Presently, a possible drill programme is being evaluated for an additional well in the current campaign, it would test 18.8 bcf of prospective resources, and if it’s a success it would support an early decision to develop the resources at Fracción D.

 

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