Echo Energy completes drilling of ELA-1 exploration well in Argentina

6/6/2018

OKLAHOMA CITY -- Echo Energy plc, the Latin American focused upstream oil and gas company, announces the succesful completion of drilling of the ELA-1 exploration well at the Company's Laguna Los Capones Asset (surrounded by the Fracción C licence area), onshore Argentina. This block is operated by Compañía General de Combustibles S.A. (CGC), the Company's Argentinian partner. The well reached a TD of 1,820 m in the Upper Jurassic Tobifera formation. Wireline log evaluation has been completed and a final production casing run, prior to suspending the well for possible testing and/or sidetrack.

In the deeper Tobifera volcaniclastic target, the well encountered elevated gas shows of C1 through C4 hydrocarbon indicators across an interval of approximately 40 m in addition to some oil staining. This section is evaluated as being a thinly bedded sequence of oil pay intervals, with around 8 m of net pay currently interpreted across that section. As is normal in this basin, the determination of effectiveness of pay from the wireline log analyses is complicated due to the complex mineralogy of the volcanic reservoir, and the current workflow is to determine the potential for testing this section when the test rig is on the licence. If testing proves to be successful the well could be brought into production quickly.

In the shallower primary Springhill target, whilst the well encountered gas shows at the top of the section and 57 m of high quality reservoir, the sequence is believed to be effectively water bearing at this location. Given the thickness and quality of the reservoir at this location on the flank of the structure, the Company and CGC will likely consider a potential future sidetrack updip and to the crest of the structure where it is now believed that the Springhill deposition could be continuous.

Following completion of this phase of the operation on the ELA-1, the rig will move directly to the third prospect in the Company's four well exploration progam, El Molino Sur, located on the Fracción C asset and to the south of the current well location.

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