Echo Energy PLC Result of EMS-1001 Well Stimulation Programme (6934P)
12 February 2019 - 6:00PM
UK Regulatory
TIDMECHO
RNS Number : 6934P
Echo Energy PLC
12 February 2019
12 February 2019
Echo Energy plc
("Echo Energy" or the "Company")
Result of EMS-1001 Well Stimulation Programme
Further to the Company's announcement of 8 January 2019, the
Company confirms that mechanical stimulation and testing operations
on the EMS-1001 well in the Company's Fracción C licence, onshore
Argentina, have been completed.
The well was mechanically stimulated through a 4m perforated
interval in the Tobifera formation between 1892m and 1896m.
Following clean-up operations using coiled tubing, EMS-1001
produced a mixture of pumped stimulation fluid and formation water
at an average rate of 465 b/d while being artificially lifted using
swabbing. No hydrocarbons were recovered from the well which
suggests that the interpreted hydrocarbons present in the section
are not mobile.
Based on these testing results, the Company has concluded that
the EMS-1001 location is not commercial and no further testing is
planned. The well will now be shut-in.
Martin Hull, Managing Director of Echo, commented:
The disappointing results of the EMS 1001 stimulation have
demonstrated the challenges of working in a new volcaniclastic
play. As we continue with our very active 2019 work programme we
are now focused on more typical reservoirs, without
volcaniclastics, in the West of the basin (Tapi Aike) and the
Springhill in our C,D & L licences in the East. We have a heavy
work programme at Tapi Aike this year, with seismic acquisition
currently ongoing, leading to an exciting drilling campaign.
For further information please contact:
Echo Energy
Martin Hull, Managing Director m.hull@echoenergyplc.com
Cenkos Securities (Nominated Adviser)
David Jones
Ben Jeynes
Katy Birkin +44 (0)20 7397 8900
Hannam & Partners (Joint Corporate
Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Shore Capital (Joint Corporate Broker)
Jerry Keen +44 (0)20 7408 4090
Vigo Communications (PR Adviser)
Patrick d'Ancona
Chris McMahon +44 (0)20 7390 0230
The information contained in this announcement has been reviewed
by Echo Energy's Chief Operating Officer, Mr Geoffrey Probert MEng,
Member of Institute of Materials, Minerals and Mining. b/d means
barrels per day.
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.
Note
The assignment of Echo's participation in the Fracción C,
Fracción D, Laguna Los Capones and Tapi Aike licences is subject to
the authorisation of the Executive Branch of Santa Cruz's Province,
which is part of the overall process of title transfer that is
proceeding as anticipated. The licences are operated by Compan i a
General de Combustibles S.A. ("CGC").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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