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Echo Energy PLC

Echo Energy moves quickly with Santa Cruz Sur well plans

“We are delighted to be able to confirm the Campo Limite well remains on track to spud before year end," said Echo chief executive Martin Hull

Echo Energy moves quickly with Santa Cruz Sur well plans
Echo will mobilise to CLix-1001 after the CLM x-1 well at Tapi Aike

Echo Energy PLC (LON:ECHO) has revealed plans to start drilling activities on its Santa Cruz Sur assets, following on immediately after the present programme at the Tapi Aike project.

The AIM-quoted explorer is moving quickly with Santa Cruz Sur, having acquired the asset only last month.

In a statement, Echo today noted that the integration effort was “progressing positively” and that in recent discussions with the operator the focus was on a near-term work programme and plans for 2020.

It has been decided that the Petreven H-205 rig will be mobilised to the Palermo Aike concession area, one part of Santa Cruz Sur, once the rig has completed the Campo La Mata x-1 well (CLM x-1).

READ: Echo Energy kicks off Camp La Mata drilling at Tapi Aike

Drilling began on CLM x-1 just over a week ago, and, it is anticipated that the rig will mobilise before the end of the year to the site of the Campo Limite exploration well (CLix-1001) at Palermo Aike.

CLix-1001 will target the conventional Springhill reservoir, in a structure located just two kilometres from the Chilean border. The well will be drilled down to a depth of 2,600 metres and it will undergo well testing, subject to results.

“We are delighted to be able to confirm the Campo Limite well remains on track to spud before year-end, representing the continuing delivery of our growth strategy,” said Martin Hull, Echo chief executive.

He added: “Echo now has a diversified E&P portfolio in the Austral Basin consisting of significant base production, lower risk, near-term production enhancement opportunities, as well as strong exploration potential in both Tapi Aike and Santa Cruz Sur.”

Santa Cruz Sur comprises both production and exploration assets, and Echo noted that since 1 November - the effective date of its acquisition - gross production has averaged 3,687 barrels oil equivalent per day (boepd) – equating to 2,581 boepd net to Echo for its 70% stake.

Total net production for the period between 1 November and 28 November amounted to 16,431 barrels of oil and 335mln cubic feet of gas.

Quick facts: Echo Energy PLC

Price: 2.65 GBX

Market: AIM
Market Cap: £18.86 m
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