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Echo Energy to keep up pace through rest of 2018

The first half saw the company successfully workover three wells and drill four new wells across the Argentina portfolio
oil and gas operations
The testing programme is continuing

Echo Energy Plc (LON:ECHO) chief executive Fiona MacAulay has told investors she expects the level of activity seen in the first half of the year to continue throughout the rest of the year.

In the first half, Echo completed its farm-in deal to secure assets in Argentina and quickly got to work.

It completed a three-well workover campaign in the Fraccion D, ahead of schedule and under budget, before moving on to a programme of new wells.

Four wells were drilled back-to-back, followed by an ongoing testing programme.

READ: Echo Energy set for new seismic programme, starting at Tapi Aike

Looking to the upcoming schedule, MacAulay said: “The test rig is currently in the CDL licence area completing the testing programme for the wells drilled during the exploration campaign and is also engaged in a pilot project of workovers in the Cañadon Salto Field to reinstate or increase production in four selected wells.

“We are currently preparing for the 3D seismic shoot on Tapi Aike which we expect to commence this year. The seismic acquisition programme should take approximately 4-5 months, with processed results expected in H2 2019.

“Once this new data has been integrated into our current dataset, and the identification and hi-grading of prospects has taken place, we would be anticipating to be drill ready at Tapi Aike by late 2019.”

Production operations generated some US$2.1mln of oil sales and US$2.1mln of gas sales in the first half, while at the end of June the company had £26.1mln of cash.

The company reported a £4.2mln loss for the period, which also saw it mark £2.5mln of admin costs and £2mln of financing expenses. 

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