Echo Energy reports significant oil discovery in Argentina

OKLAHOMA CITY -- Echo Energy plc, the Latin American focused upstream oil and gas company, has announced that a significant light oil column has been interpreted in its third well, onshore Argentina.

The EMS-1001 well, located in the Fraccíon C license operated by Compañía General de Combustibles S.A. (CGC), reached a TD of 2,460 m in the Upper Jurassic Tobifera formation, which significant gas and hydrocarbon shows were recorded.

Preliminary wireline log evaluation has now been completed, and a very significant hydrocarbon column has been interpreted between 1,722 m and 2,220 m in the Tobifera formation. If hydrocarbon saturations across this section are confirmed, the preliminary evaluation might represent an interval of some 500 m, which could significantly open up the play for the area.

A final production casing is now being run prior to suspending the well for testing and the Company now anticipates the arrival of the test rig to the licenses in July following completion of its current work program elsewhere in the basin. The rig will now move to CSo-111 (I), the fourth well in this current exploration campaign, located on the Company's Fraccíon D asset.

Following the potentially material scale of the results of this third well, the Company (together with its partner) is now undergoing a review of the testing and forward work program.