29 May, 2018 – Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the commencement of drilling of the second exploration well in a four well back-to-back campaign in the Company’s Laguna de Los Capones asset (surrounded by the wider Fracción C licence area), onshore Argentina. This block is operated by Compañía General de Combustibles S.A. (“CGC”) with the Company participating as a non-operating 50% partner.
The Petreven H-205 rig, on contract to Echo’s joint venture partner CGC, commenced drilling on 26thMay 2018 of the Company’s second exploration well ELA-1 which is located in the south eastern extent of the licence. The well is targeting a structural 4 way closure at the Springhill and Tobifera levels and will be drilled to a measured depth of around 1,800 metres. Gross unrisked gas initially in place for the structure on a Pmean basis is estimated at approximately 40 bcf (included in the recent Competent Person’s Report produced by Gaffney Cline & Associates).
The Company will update shareholders with progress on the exploration drilling programme as the programme advances.
Full announcement at https://www.echoenergyplc.com