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Echo Energy looks forward to December start for Argentina well stimulation

December will see the start of a two well stimulation programme at Fracción C and also a seismic programme for the Tapi Aike project

oil and gas operations
Equipment for the stimulation programme will shortly become available

Echo Energy Plc (LON:ECHO) told investors it expects to kick off a two-well stimulation programme in Argentina within the next three to four weeks.

The company earlier this year drilled four wells across its onshore Argentina portfolio, within the Fracción C licence, two of which were seen as successful.

READ: No let up in pace as Echo pushes ahead with Argentina projects

Notably, one well was thought to be particularly material following the analysis of wireline log data.

Both will now be followed up by a programme of stimulation, followed by well testing.

Equipment required to stimulate the wells is now expected to become available at the beginning of December.

Stable production continues from Fracción D

Echo also today updated investors on the production operations, where it has seen “stable production levels”, with three wells contributing some 876 barrels of oil per day in the year so far (up to 12 November).

It comes as the result of an earlier programme of well ‘workovers’ and Echo told investors that it has now identified a number of additional existing wells that are new workover candidates.

The next phase of well interventions is expected to take place starting in the first quarter of 2019.

Additionally, Echo noted that it is evaluating the potential for gas development projects within the Fracción D licence, as a means to unlock some of the asset’s resources.

Tapi Aike’s upcoming seismic will lead to 2019 wells

In the Tapi Aike area, meanwhile, Echo now intends to start an exploration drilling programme during the second half of 2019, preceded by a 3D seismic exploration programme due to get underway in December 2018.

“The company believes that the Tapi Aike licence offers a compelling proposition with a likely 4 well drilling programme targeting multi Tcf potential with each well estimated to cost between $2M and $5M net to Echo,” it said in the stock market statement.

At the same time, Echo highlighted that it continues to actively evaluate a range of potential opportunities for the development of its portfolio in the region.

Quick facts: Echo Energy PLC

Price: 2.675 GBX

Market: AIM
Market Cap: £19.04 m

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