Echo Energy reports notable gas column at fourth well of Argentina drilling campaign

7/10/2018

LONDON -- Echo Energy plc, the Latin American focused upstream oil and gas company, has announced the successful completion of drilling of the CSo-2001(d) well in which a notable gas column has been interpreted from the wireline logging suite.

The CSo-2001(d) well, located in the Fracción D license, operated by Compañía General de Combustibles S.A. (CGC), reached a total depth of 1,511 m in the Upper Jurassic Tobifera formation, across which extensive gas and light hydrocarbon shows were recorded.

The well encountered over 60 m of gas shows through the Upper Tobífera with gas peaks of over 168,000 ppm and a full distribution of C1 to C5 hydrocarbons, measured with reference to background gas levels of less than 2,500 ppm outside of the zone of interest.

Preliminary wireline log evaluation has now been completed from which the initial interpretations indicate around 30 m of potential net pay within the section between 1272 m and 1304 m. This is towards the upper end of the range used in both contingent and prospective resource estimations and the interpretations are indicative of a gas with a high condensate gas ratio (wet gas).

The CSo-2001(d) well is targeting 19.0 Bcf (gross best case) contingent resources assigned to the prospect in addition to a further 18.7 Bcf (gross best case) of prospective resources in the recent Competent Person's Report (CPR) produced by Gaffney Cline & Associates.

A final production casing is now being run prior to completion and testing which will now take place within the testing program with the Quintana 01 rig, mobilizing to the joint operations area during the week commencing July 8, 2018, as previously advised.

The CSo-2001(d) well is the last well in the current joint drilling campaign, and the Petreven H-205 rig will now demobilize to other areas where CGC have sole drilling operations ongoing.

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