Echo Energy finds light oil column in Fraccíon C licence, Argentina

UK-based exploration firm Echo Energy has reported the discovery of a ‘significant light oil column’ in the EMS-1001 well in the Fraccíon C licence in onshore Argentina.

The well was drilled to a depth of 2,460m in the Upper Jurassic Tobifera formation and recorded significant gas and hydrocarbon shows.

Based on preliminary wireline log evaluation, the company has identified a very significant hydrocarbon column between 1,722m and 2,220m in the Tobifera Formation.

In the event hydrocarbon saturations across the section are confirmed, the well, which is the third of a four-well programme, may have hit an interval of around 500m.

Echo Energy CEO Fiona MacAulay said: “We can already consider results for this well to date to be very encouraging from a volumetric and value perspective.

“Testing is the critical next step to establish the effectiveness and deliverability of the reservoir and we caution that any conclusions prior to test results would be premature.

“The company will now take the time required to confirm the early interpretation of the wireline logs and design an effective test programme with a view to confirming the scale of our new oil discovery.”

The company is currently running a final production casing before suspending the well for testing and expects the arrival of the test rig next month.

Due to the potential discovery, the company is now reviewing the testing and forward work programme.

The rig will now be mobilised to the fourth well, CSo-111(I), located on the Fraccíon D asset, which is operated by Compañía General de Combustibles (CGC).