13 April 2018
Echo Energy plc
("Echo" or the "Company")
Gas to Surface at First Workover
Echo Energy plc, the Latin American focused upstream oil and gas company, is delighted to announce gas to surface on the first well of our three well workover campaign at the Company's Fracción D asset, onshore Argentina.
Well CSo-85 was perforated across the Springhill Formation and successfully flowed gas to surface without intervention, following which the well flowed through the rig de-gassing system at an estimated rate of 2mmscf/d through a 20/64" choke with a tubing head pressure of 1,100 psi.
The full testing unit is expected on site in 10-14 days at which stage a multi-rate, extended flow and build-up test will be undertaken. The Quintana-01 rig will shortly be moving to well CSo-80 to commence workover operations this weekend.
The Company will provide market updates, as appropriate, as the workover programme advances.
Fiona MacAulay, Chief Executive Officer of Echo, commented:
'We are delighted that the first step of this exciting workover campaign has been safely and successfully completed, re-entering the well and establishing gas flow to the wellhead without any requirement for artificial lift. Once the full testing unit is in place we will analyse the well performace during the scheduled long term test. In this fast moving operational phase, the Quintana-01 rig will be moved directly to the second well in the workover campaign to complete and perforate a similar gas zone. We will update the market as the programme continues and also look forward to welcoming shareholders at our next regional event in Newcastle on 24 April 2018."
The Company considers the initial gas flows to be a positive initial indication but cautions that they should not be considered conclusive until the extended flow and build-up test is complete. Post test flow rates may be higher or lower than those initially achieved.
For further information please contact:
Echo Energy plc Fiona MacAulay, CEO Will Holland, CFO |
[email protected] [email protected] |
Smith & Williamson (Nominated Adviser) Azhic Basirov David Jones Ben Jeynes |
+44 (0)20 7131 4000 |
Hannam & Partners (Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell |
+44 (0)20 7907 8500 |
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Kate Rogucheva |
+44 (0)20 7830 9700 |
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.
mmscf/d means million standard cubic feet of gas and psi means pounds per square inch.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
