LONDON (ShareCast) - (Sharecast News) - Latin America-focussed upstream oil and gas company Echo Energy updated the market on its plan to boost production at the Cañadon Salto Field in the Fracción D licence in Argentina on Monday, where it said it had now achieved 115 barrels per day - from a previous five barrels per day - following four successful pilot well interventions.
The AIM-traded company said work had now been completed on four wells in the Cañadon Salto Field using the Quintana-1 rig as part of the previously-announced plan to boost production.

It said all four targeted wells - CSo-96, CSo-104, CSo-21, and CSo-80 - had now been successfully commissioned, with production, pumps and offtake being optimised.

That initial phase had already produced "very encouraging" results, with the combined oil production from the four wells currently totalling in the order of 115 barrels per day, with those rates increasing as the wells 'oil-in' and the pumps and associated facilities were optimised.

The CSo-96 well, which was the first well to be commissioned, had seen a material increase from its initial production of 12 barrels per day rising to the current level of 60 barrels per day, and was described by the company as an indicator of potential capacity of those wells.

"Prior to the interventions the total gross production from the Cañadon Salto Field area was less than five barrels per day out of the total gross oil production across the CDL licences - Fracción C, Fracción D and Laguna De Los Capones - of around 500 barrels per day excluding gas production," the Echo Energy board said in its statement.

"This increased production post interventions represents a more than 20 fold increase for the Cañadon Salto field."

The board said the results of the pilot project well performance would now be monitored, with a view to considering next steps for the field.

A full-scale remediation project across the field could potentially see production levels of more than 400 barrels oil per day achieved, with a commensurate increase in contingent resources.

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