Echo Energy hails success of second well workover in Argentina

Oil and gas company Echo Energy has completed a successful workover on a second well in Argentina, resulting in a combination of oil and water rising to the surface.

Following the completion of the workover of well CSo-80, part of a three well programme at the onshore Fracción D asset, the well has been suspended as plans to install an electric submersible pump are developed.

Fiona MacAulay, chief executive of Echo Energy, said: "We are pleased that this second well in the workover programme has yielded this gratifying result and means that we can work towards rapidly bringing this well into production utilising existing facilities in the field."

Following development and implementation of pump installation plans at the well on the Canandon Salto oil field, the well will be tested to examine the viability of immediate production using the facilities at the project.

Echo Energy forecast the well’s as "likely to be in the region of 60bopd (barrels of oil per day)."

"The fact that oil has flowed into the wellbore in the former gas leg in the central part of the Canandon Salto field is particularly pleasing in opening the potential for Canandon Salto field rehabilitiation - for which a work programme across a number of potential well candidates across the field could re-establish further increases in production over the next few months," said MacAulay.

The Canandon Salto field, which lies on the Fracción D asset, will see a 230km2 3D seismic survey if results from work programmes continue to yield positive results.

As of 1457 BST Echo Energy’s shares were down 3.36% at 14.40p.