Echo has announced a ‘potentially transformational' light oil discovery at Fracción C in Argentina . At 2,460m in the Upper Jurassic Tobifera formation a significant column was found and gas and hydrocarbons were recovered. An early estimate of 500m is huge and even if only 120m is interpreted as effective pay then this is indeed game changing stuff.
The company is quite rightly keeping as much of a lid on this as possible by saying that it is early days and testing doesn't start till next month but there must have been quite a party in Buenos Aires last night where the company are hosting an investor visit. Having said tha t, if the well was deepened twice and still encountered good shows I would venture to suggest that Echo is onto something properly big here and so early into the Argentinian process as well. But caution is appropriately the watchword so let's wait until the test results, the test rig is due in July. Glad to have slipped this one into the bucket list though……
Zenith has announced that following its RNS last night that it has raised £2.17m though a placing via Primary Bid. With recent news of a bigger rig for the final Zardab work overs the company are funded for what should be an exciting few months. Despite having its problems with tricky down hole issues the company does look remarkably attractively priced given the size of the prize in Azerbaijan.
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