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Echo Energys CLMx-1 well disappoints at Tapi Aike

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Echo Energy PLC (LON:ECHO) told investors that the Campo La Mata Exploration well (CLM x-1) in the Tapi Aike licence, in Argentina, has made a non-commercial gas discovery.

The wells primary target (Lobe C) and secondary target (Anita) both contained gas but did not flow at sufficient rates in testing to be considered commercially viable.

Lobe C flowed 0.28mln cubic feet per day, with the average estimated at 0.25mln and there was no condensate.

Anita was stimulated and tested at a peak estimated rate of 0.57mln cubic feet per day, with the average estimated at 0.35mln. It also yielded condensates between 7.5 to 18 barrels per day.

READ: Echo boosted by production at acquired fields

The company noted that the minimum threshold for the wells commerciality was estimated at 1mln cubic feet per day.

It is now considering additional tests in the well, to evaluate other secondary targets (Magallenes 60 and Magallenes 40).

Turning attention elsewhere, the company said that it will begin testing the Campo Limite (CLix-1001) at the Santa Cruz Sur in the second half of February.

"It is a disappointment that our initial exploration well at Tapi Aike has returned non-commercial flow rates from the tested intervals,” said Martin Hull, Echo chief execRead More – Source