- Echo Energy, the Latin American focused upstream oil and gas company, revealed Friday it had discovered gas in the ELM-1004 exploration well, at the Fraccion C asset, onshore Argentina.

The well was drilled down to a depth of 1,760 metres and it encountered over 40 metres of gas shows through the Upper Tobifera, revealing gas peaks of over 195,000 parts per million and a full distribution of C1 to C5 hydrocarbons.

The firm estimated the net pay at around 14.5 metres within the gas section, which was at the upper end of the expected range.

The firm said the a production casing string was currently underway ahead of the arrival of the completion rig, scheduled for June 2018, at which point the well would be tested to determine deliverability of the reservoir. 'We are very excited to have confirmed the presence of a substantial gas column in this first well of our four well exploration programme and look forward to the arrival of the completion rig and subsequent testing in June. Meanwhile our attention turns to ELA-1 where we expect to spud the well within the next few days, said Fiona MacAulay, Chief Executive Officer of Echo.

At 9:07am: [LON:ECHO] Echo Energy Plc share price was +1.85p at 15.2p

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