Echo Energy PLC Well Intervention Programme (0199P)
14 Octubre 2021 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 0199P
Echo Energy PLC
14 October 2021
14 October 2021
Echo Energy plc
("Echo" or the "Company")
Well Intervention Programme
Increase in high-quality oil production potential
Echo Energy, the Latin American focused upstream energy company,
is pleased to announce, further to the Company's announcement of 5
October 2021, that it has completed the first in a programme of
sixteen proposed well interventions and workovers to bring
non-producing reserves back in to production at Santa Cruz Sur.
The first intervention has now been successfully completed on a
well in the Chorillos block. For the operation, a surface hydraulic
pumping unit was used to induce flow and over a 100-hour period,
the well delivered a cumulative 305 bbls of high-quality oil as
part of this intervention and flow induction process, a rate
equivalent to c.76 bopd.
The intervention focused on assessing the production potential
and delivery of high-quality oil at low water cut from a well last
fully online in 2013. Prior to the intervention the relevant field
was producing 17 bopd from a small number of active wells.
The intervention and workover programme is in addition to the
Company's previously announced programme of reactivating, at the
appropriate time, previously shut-in wells at the Campo Molino
oilfield and has been commenced in line with the current strategy
of focussing upon production to deliver the highest quality and
highest-priced blend oil production at Santa Cruz Sur.
The Company intends to optimise the timing of when the well is
brought into full production to maximise cost and operational
efficiencies within the larger work programme for the Santa Cruz
Sur assets.
As previously announced by the Company, prior to the completion
of the well intervention, liquids production net to Echo averaged
approximately 290 bopd in September 2021.
Martin Hull, Chief Executive Officer of Echo Energy,
commented:
"I am pleased to announce that we have successfully completed an
initial well intervention on Santa Cruz Sur. This well delivered
high-quality production capacity and demonstrates the quality and
production potential of opportunities available from our assets at
Santa Cruz Sur. We look forward to further updating the market as
our work programme progresses.'
For further information, please contact:
Echo Energy via Vigo Communications
Martin Hull, Chief Executive Officer
Vigo Consulting (IR & PR Advisor)
Patrick d'Ancona
Chris McMahon +44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
Ben Jeynes
Katy Birkin +44 (0) 20 7397 8900
Shore Capital (Corporate Broker)
Jerry Keen +44 (0) 20 7408 4090
Note
The assignment of Echo's 70% non-operated participation in the
Santa Cruz Sur licences is subject to the authorisation of the
Executive Branch of Santa Cruz's Province, which is part of the
overall process of title transfer that is proceeding as
anticipated. bopd means barrels of oil per day; bbl means
barrel.
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under The Market Abuse Regulation (EU 596/2014) pursuant
to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon
the publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
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END
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