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Echo Energy output rises amid ongoing efforts to return oil wells to production
StockMarketWire.com
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Upstream oil and gas company Echo Energy reported a jump in production as it continued to bring oil wells back into production that were shut down earlier this year.
Since 17 November 2020, three additional Springhill fields and 1 Tobifera field had now been brought back online in the Chorrillos and Palermo Aike licences, increasing gross oil production by around 50 bopd to approximately 300 bopd, the company said.
This recent increase in oil production represented an uplift of approximately 19% across the Santa Cruz Sur assets, it added.
The company also said it was reviewing options to accelerate production reopening.
At its Palermo Aike field, the company said post-shut in production levels 'suggests that new opportunities may be available to capture additional production potential.'
'With just the existing well stock, the data indicates a gross production potential of between 126 bopd and 189 bopd (88 bopd to 132 bopd net to Echo's 70% interest) subject to availability of increased liquid storage and separation facilities at the field,' it added.
This compared to an estimated restricted gross production rate of 31 bopd pre-shut in earlier this year.
At 8:04am: (LON:ECHO) Echo Energy Plc share price was 0p at 0.43p
Story provided by StockMarketWire.com
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