26th Aug 2021 14:18
(Alliance News) - Echo Energy PLC said Thursday that its production levels have been lifted after the pipeline at the Campo Molino and Chorillos oil fields in Argentina was brought back online.
The pipeline was shut in April 2020 to upgrade infrastructure but equipment has now been successfully commissioned for operation and shut-in wells are being brought back into use, Echo stated.
The recently reactivated wells have contributed to an almost 50% increase in total liquids production, or 137 barrels of oil per day, at Santa Cruz Sur compared to the period immediately prior to this. Work continues to bring the remainder of the first tranche of shut-in production back online, the company said.
"During the third quarter, we have continued to make significant operational progress and deliver against our objectives. Successfully increasing our liquids production is an important milestone," commented Chief Executive Martin Hull.
"There remain further production upsides as we continue through the programme of reopening previously shut-in wells. The ongoing production increases have been achieved while maintaining our careful cost management in order to maximise value for shareholders."
Shares in Echo Energy were up 2.7% at 0.57 pence in London on Thursday.
By Will Paige; [email protected]
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