12th Dec 2019 14:53
(Alliance News) - Echo Energy PLC on Thursday reported completion of drilling at Campo La Mata exploration well in Argentina's Tapi Aike licence and said that initial analyses of the wireline log data has indicated six zones of potential interest.
The gas producer also said a decision has been made with the well operator, Compania General de Combustibles SA, to complete and test the well, based on encouraging initial data from drilling and logging operations. Echo Energy owns a 19% interest in the Tapi Aike licences.
The upper secondary target, Mag 60, was encountered at 1,977 metres at the well, the company said, with elevated gas shows of 109,900 parts per million and 149,500 ppm.
The primary target, Mag 20, was encountered at 2,181 metres and coincided with elevated gas shows of 72,900 ppm and 80,300 ppm in the uppermost 15 metres within a fine-grained sandstone, Latin America-focused Echo added.
Elsewhere, Echo said it will mobilise a rig to the Palermo Aike concession of the Santa Cruz Sur asset, also in Argentina, to spud the Campo Limite well before the end of December. Echo owns a 70% interest in the Palermo Aike licence.
Echo shares in London were down 7.7% at 2.40 pence each on Thursday afternoon.
By Tapan Panchal; [email protected]
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