08:00 Fri 06 Apr 2018
Echo Energy PLC - Rig Mobilisation for Workover Programme
("Echo" or the "Company")
Rig Mobilisation for Workover Programme
The Quintana-01 rig, on contract to Compañía
For each of the workovers, the rig workover programme consists of abandoning the previously producing, but now suspended, oil zones and then completing the discovered but uncompleted gas zones within the Springhill Formation. Each rig operation is expected to take up to 10 days, following which each well will be put on an extended well test to obtain further data on the existing gas volumes prior to any sanction of a commercial development, which would include the construction of a 28km pipeline. Testing of each well is expected to take a maximum of 30 days, including flowing and shut in periods to determine reservoir pressures, connected volumes and flow rates. The total cost of the rig operations and testing is approximately
The Company will provide market updates, as appropriate, as the workover programme advances.
"We are delighted to be moving into this exciting workover campaign and look forward to updating our shareholders as the programme progresses. Alongside these workovers we continue with the detailed engineering work programmes that are now being finalised for the back to back four well exploration campaign at Fracción C, where the drilling rig due to arrive on location in early May."
For further information please contact:
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Smith & Williamson (Nominated Adviser) Azhic Basirov
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+44 (0)20 7131 4000 |
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+44 (0)20 7907 8500
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Patrick d'Ancona Kate Rogucheva |
+44 (0)20 7830 9700 |
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