Echo Energy falls on well work update
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Echo Energy (LON:ECHO) has finished well interventions at four sites in the Fracción D, Canadon Salto Field, with one connected for production while the remaining three are still being commissioned. It also completed a remedial cement job on its demobilised EMS-1001 resevoir in Argentina and has selected two zones for initial inflow testing. However, the company warned that the reservoir system is complex and that wireline results may not accurately indicate the well’s dynamic behaviour.
Chief executive Fiona MacAuley said: “I am very pleased to announce the successful completion of our previously announced well intervention activity, and that the first well in the series has already been hooked up to the field facilities and is contributing to our production. The remaining wells in the programme are in the final process of commissioning and are expected to come online in the coming month.
“We are also pleased to be able to utilise the remaining contracted rig time to perform an initial inflow test at the EMS-1001 location having now completed additional cementing operations in the well bore.
“Across the rest of the portfolio we are delighted to be close to commencement of seismic acquisition on the high impact Tapi Aike licence to progress rapidly to drill readiness.”
Shares in Echo Energy dropped by 2.49% to 10.97p (as of 12:46 BST).
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