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Echo Energy kicks off final well in current Argentina campaign

The fourth and final well in the campaign could unearth almost 40bn cubic feet of gas.

oil and gas operations
It is due to be drilled down to 1,514 metres

Echo Energy Plc (LON:ECHO) told investors it has begun drilling on its fourth and final well in its Argentina programme, with the spudding of the CSo-2001d well at the Fracción D asset.

The well is targeting a prospect that was identified on 2D data and it is due to have a 1,514 metre measured depth.

READ: Echo Energy hits “significant hydrocarbons” in EMS-1001 well

It is targeting a possible 19bn cubic feet of contingent gas resources, shown in a recent competent persons report (CPR), in addition to a further 18.7bn cubic feet which was deemed to be prospective resources in the same report.

“The company will update shareholders with progress on the exploration drilling programme as the programme advances,” Echo said in a statement.

Quick facts: Echo Energy PLC

Price: 2.3 GBX

Market: AIM
Market Cap: £16.37 m

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on 26/7/18

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