Echo Energy confirms mobilisation of rig to Argentina assets

The AIM-traded firm said the assets, located onshore Argentina, were operated by Compañía General de Combustibles (CGC) in joint venture with Echo.

It said mobilisation was expected to take around five days, and the rig would be moving firstly to the ELM-1004 well, which was suspended for testing in May.

Testing of ELM-1004 was anticipated to take between two and three weeks, following which the rig would move on to test the remaining three wells in the current four well exploration programme.

“The company is yet to determine the order in which the remaining three wells will be tested as the test design for the recent EMS-1001 well, which will include the running of cased hole logs prior to testing, is currently being prepared in conjunction with external experts to optimise the data evaluation,” Echo’s board explained in its statement.

“As a result, the position of the EMS-1001 well test within the overall testing programme is yet to be determined and is dependent on finalisation of that design.”

Additionally, and while the rig was on contract, the company and CGC said they were considering the completion of a number of additional well interventions and workovers both in Estancia La Maggie, within Fracción C, as well as in Fracción D, to either restore or increase well productivity from existing wells.

“The company will update shareholders with progress on both the testing and workover activities as the programme advances.”