Echo Energy PLC - Santa Cruz Sur Operational Update
("Echo" or "the Company")
Santa Cruz Sur Operational Update
On the basis of encouraging initial data from drilling and logging operations, a decision has been made with the Operator,
The target Springhill Formation was encountered at 2,124 metres. Initial analyses of the wireline log data have been completed and have highlighted a zone of interest comprised of fine grained sandstones. This unit also coincided with elevated gas shows of 193,000 parts per million ("ppm") against a background of 20,000 ppm.
The presence of elevated gas shows in the target section combined with wireline log data is positive and has resulted in the Company and the Operator taking the decision to move to completion and testing. The Company cautions that completion of the well test and analyses of the results is needed to conclusively establish the presence of producible gas.
The well will be completed by the Petreven H-205 rig followed by conventional inflow testing with a workover rig. Mobilisation is currently being scheduled and further announcements will be made, as appropriate, in due course.
For further information, please contact:
+44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
+44 (0) 20 7397 8900
Shore Capital (Corporate Broker)
+44 (0) 20 7408 4090
The information contained in this announcement has been reviewed by
*1 IOG Resources S.A. and Interoil Argentina S.A. have completed a transaction with
The assignment of Echo's 70% participation in the Palermo Aike licence is subject to the authorisation of the Executive Branch of
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.
This information is provided by RNS, the news service of the
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