Echo Energy to shut EMS-1001 as testing reveals well is not commercial

Writer, Stock Market Wire
Tuesday, February 12, 2019 - 10:02

Echo Energy said Tuesday the EMS-1001 well would be shut-in as testing revealed it was not commercial.

The disappointing results comes as mechanical stimulation and testing operations on EMS-1001 recovered no hydrocarbons suggesting that the interpreted hydrocarbons present in the section were not mobile, the company said.

Based on these testing results, the EMS-1001 location was not commercial and no further testing was planned. As a result, the well would now be shut-in, the company added.

'The disappointing results of the EMS 1001 stimulation have demonstrated the challenges of working in a new volcaniclastic play,' said Martin Hull, Managing Director of Echo.

'As we continue with our very active 2019 work programme we are now focused on more typical reservoirs, without volcaniclastics, in the West of the basin (Tapi Aike) and the Springhill in our C,D & L licences in the East. We have a heavy work programme at Tapi Aike this year, with seismic acquisition currently ongoing, leading to an exciting drilling campaign.'

At 10:02am: (LON:ECHO) Echo Energy Plc share price was -3.25p at 5.3p

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