Echo Energy intercepts 'notable gas column' at Argentinean asset

Latin American-focused upstream oil and gas company Echo Energy has intercepted a "notable gas column" after successfully wrapping up a wireline logging suite at its CSo-2001(d) well in Argentina.

Echo's CSo-2001(d) well, located on the Fracción D licence, reached a total depth of 1,511m in the Upper Jurassic Tobifera formation across which "extensive gas and light hydrocarbon shows" were recorded.

The well encountered over 60m of gas with peaks of over 168,000ppm and a full distribution of C1 to C5 hydrocarbons.

Preliminary wireline log evaluation indicated around 30m of potential net pay within the section between 1,272m and 1,304m, a figure Echo said was towards the upper end of the range used in both contingent and prospective resource estimations.

Echo noted the interpretations were indicative of gas with a high condensate gas ratio.

CSo-2001(d) was the last well in Echo's joint drilling campaign with Compañía General de Combustibles, the licence's operator, which will now shift the Petreven H-205 rig used to drill the well to other areas where CGC has sole drilling operations.

Fiona MacAulay, Echo's chief executive officer, sad, "With the Quintana 01 completion and testing rig mobilising to the area this week we will be able to test this interval within the forthcoming testing sequence, enabling an early decision to be made on monetisation options in Fracción D."

"We are now looking forward to commencement of testing on the ELM 1004 well which will be the first well to be tested in this programme," McAulay added.

As of 1120 BST, Echo shares had grown 2.23% to 18.30p.