logo-loader
viewEcho Energy PLC

Echo Energy shifts drill rig to new acreage at Santa Cruz Sur

The operator's estimated geological Chance of Success (CoS), based on analyses of other wells in the area, is 70%

Echo Energy PLC -

Echo Energy PLC (LON:ECHO) has switched its drill rig in Argentina from its Tapi Aike licence to its new prospect at Santa Cruz Sur where drilling of the first well at Camp Limite is scheduled to start next week.

CLix-1001 will target the conventional Springhill reservoir on a structure located two kilometres from the Chilean border with a target depth of 2,300m.

The target structure is in the same fault block and up-dip of a well that has historically tested and produced gas from the Springhill reservoir.

The operator's estimated geological Chance of Success (CoS), based on analyses of other wells in the area, is 70%, with the identified risks being reservoir presence and deliverability.

Costs for CLix-1001 well will initially be paid for by previous owner Phoenix Global Resources with Echo to reimburse up to 60% of these up to a maximum of US$1.1mln. 

Martin Hull, Echo’s chief executive, said: "The coming weeks represent a very exciting period for Echo as we drill CLix-1001 and move to begin the testing of the recently drilled CLM x-1 well in the Tapi Aike concession, following the previously announced encouraging initial data.”

Echo acquired a 70% non-operating stake in five producing blocks at Santa Cruz Sur in November for US$8.5mln.

Quick facts: Echo Energy PLC

Price: 0.525 GBX

AIM:ECHO
Market: AIM
Market Cap: £3.74 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Echo Energy PLC named herein, including the promotion by the Company of Echo Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Echo Energy's VP of Exploration 'very encouraged' by recent Argentina drilling

Julian Besser, Echo Energy Plc's (LON:ECHO) VP of Exploration, discusses with Proactive's Andrew Scott their recent exploration campaign in Argentina. ''The first half of this year's been focusing on the east of the Austral basin … we've got acreage in both the west and east … and one of...

on 26/7/18

2 min read