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CLM x-1 Non-Commercial Gas Discovery
CLM x-1 Non-Commercial Gas Discovery.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 3991D\n Echo Energy PLC\n 19 February 2020\n \n \n \n 19 February 2020 \n \n Echo Energy plc\n (\"Echo\" or \"the Company\")\n \n CLM x-1 Non-Commercial Gas Discovery\n \n Echo Energy, the Latin American focused upstream oil and gas company, announces a non-commercial gas discovery at the Campo La Mata Exploration well (\"CLM x-1\") in the Tapi Aike licence following completion of testing on the lower secondary target (\"D3\" or \"Anita\") and the primary target (\"Magallenes 20\" or \"Lobe C\"). \n \n The lower secondary Anita target was perforated over an eight metre interval between 2,395m and 2,403m and then mechanically stimulated. Following clean out operations, the secondary target flowed at surface at an estimated rate of up to 0.57 MMScf/d with an estimated average rate of 0.35 MMscf/d.\n \n The Anita target also yielded condensate with an API gravity of 50 degrees, with a flow rate as measured at the well head at an estimated 7.5 to 18 bbls/d. The presence of condensate is in line with the mud-log, with 25% of higher-end (non-methane) components, and with the Anita target elsewhere in the basin.\n \n The primary Lobe C target was perforated over a three metre interval between 2,214m and 2,217m and mechanically stimulated. Following clean out operations, the well flowed at surface at an estimated rate up to 0.28 MMScf/d with an estimated average rate of 0.25 MMscf/d. No condensate was retrieved from the interval, which is in line with the mud-log showing 93% methane.\n \n To achieve the threshold of commerciality, it is estimated the well would require a stabilised production rate across the intervals of approximately 1.0 MMscf/d, which was not achieved from the Anita and Lobe C targets.\n \n As a result, testing of the shallower Magallenes 60 interval, which was the upper secondary target of the CLM x-1 well, and the Magallenes 40 interval is now under consideration with the objective, in aggregate with the flow rates achieved from the intervals already tested, of seeking to exceed the commercial threshold. These additional sand intervals showed elevated gas shows during drilling and, whilst there can be no assurance that further testing and/or commerciality of the well will follow, further technical work will now be undertaken...