LONDON (ShareCast) - (Sharecast News) - Upstream oil and gas firm Echo Energy announced on Wednesday that it has begun drilling the first exploration well of a back-to-back four well drilling campaign in Argentina.
The campaign at the onshore Fracción C asset has seen the arrival of the Petreven H-205 rig, currently on contract at the AIM-traded company's joint-venture partner Compañía General de Combustibles S.A., which spudded the first exploration well ELM-1004.

This first well targets the crest of a structure at the Upper and Middle Tobífera levels with Pmean gross gas initially in place estimated as 38 bcf.

Meanwhile, the extended flow period of the CSo-85 well test on the Fraccion D asset has been completed and the well has been shut to allow for a planned pressure build up.

Fiona MacAulay, chief executive of Echo Energy, said: "We are delighted to be starting our exciting four well exploration campaign shortly after the successful workover well campaign in Fracción D. A presentation with further details on the exploration well location and target structure will be uploaded to the Company website shortly."

As of 0901 BST, Echo Energy's shares were up 6.77% at 13.40p.

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