OKLAHOMA CITY -- Echo Energy plc, the Latin American focused upstream oil and gas company, has announced the commencement of drilling of the first exploration well in a four-well, back-to-back campaign in the Company's Fracción C asset, onshore Argentina.
The Petreven H-205 rig, on contract to Echo's joint venture partner Compañía General de Combustibles S.A., has arrived on the Estancia La Maggie prospect and on May 8, 2018 spudded the Company's first exploration well ELM-1004. The well targets the crest of a structure at the Upper and Middle Tobífera levels with P mean gross gas initially in place estimated as 38 Bcf. Well ELM-1004 is located approximately 4 km northeast of the existing Estancia La Maggie gas collection facilities.
In addition, on the Company's Fracción D asset, the extended flow period of the CSo-85 well test has now been successfully completed and the well has been shut in for the planned pressure build up.
The Company will update shareholders with progress on both the exploration drilling program and extended testing as the program advances.