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Echo Energy’s CLMx-1 well disappoints at Tapi Aike

"It is a disappointment that our initial exploration well at Tapi Aike has returned non-commercial flow rates"

Echo Energy PLC -

Echo Energy PLC (LON:ECHO) told investors that the Campo La Mata Exploration well (CLM x-1) in the Tapi Aike licence, in Argentina, has made a non-commercial gas discovery.

The well’s primary target (Lobe C) and secondary target (Anita) both contained gas but did not flow at sufficient rates in testing to be considered commercially viable.

Lobe C flowed 0.28mln cubic feet per day, with the average estimated at 0.25mln and there was no condensate.

Anita was stimulated and tested at a peak estimated rate of 0.57mln cubic feet per day, with the average estimated at 0.35mln. It also yielded condensates between 7.5 to 18 barrels per day.

READ: Echo boosted by production at acquired fields

The company noted that the minimum threshold for the well’s commerciality was estimated at 1mln cubic feet per day.

It is now considering additional tests in the well, to evaluate other secondary targets (Magallenes 60 and Magallenes 40).

Turning attention elsewhere, the company said that it will begin testing the Campo Limite (CLix-1001) at the Santa Cruz Sur in the second half of February.

"It is a disappointment that our initial exploration well at Tapi Aike has returned non-commercial flow rates from the tested intervals,” said Martin Hull, Echo chief executive.

“Data from the CLM-x-1 well will now be used to calibrate and further inform our subsurface model and the JV partnership will use this enhanced dataset to identify future drilling locations on the licence It is anticipated that the second Tapi Aike Exploration well will spud in H2 2020.”

He added: “At Santa Cruz Sur, we expect to commence testing shortly on the recently drilled Campo Limite (CLix-1001) well.

“We look forward to updating the market on the results of the CLix-1001 testing operations in due course."

Quick facts: Echo Energy PLC

Price: 0.7 GBX

AIM:ECHO
Market: AIM
Market Cap: £4.98 m
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