Eco (Atlantic) Oil and Gas Ltd. Commencement of 2,550 km2 3D Seismic Survey (1766M)
26 July 2017 - 11:00PM
UK Regulatory
TIDMECO
RNS Number : 1766M
Eco (Atlantic) Oil and Gas Ltd.
26 July 2017
26 July 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
Eco Atlantic and Tullow Oil commence 2,550 km(2) 3D Seismic
Survey Offshore Guyana
Toronto, July 25th, 2017 - Eco (Atlantic) Oil & Gas Ltd.
("Eco Atlantic" or "Company") (TSX-V:EOG, LSE:ECO) is pleased to
announce that Eco Atlantic and its Operating Partner, Tullow Oil
("Tullow"), have commenced a 2,550 km(2) seismic survey on the
Company's Orinduik Block offshore the Co-operative Republic of
Guyana ("Orinduik"). The survey is being conducted by Schlumberger
Guyana Inc. (Western Geco) using R/V GECO Eagle and two supporting
vessels, and is expected to be completed within 50 days following
which the results will be interpreted before an announcement is
published.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a
40% Working Interest in Orinduik, and Tullow, the Operator, holds
the remaining 60%. The Orinduik Block is located up dip and just a
few kilometers from Exxon's recent Liza and Payara discoveries
confirming, by Exxon's estimates between 2.25 and 2.75 billion
barrels of recoverable oil. The Company and Tullow have completed
the first phase of exploration including evaluating all existing
and regional 2D data. Following the results of this study and the
ongoing regional success, both parties have agreed to accelerate
and significantly increase the originally proposed 1,000 km(2) 3D
survey commitment on the block to circa 2,550 km(2) , thus covering
the entire block area, fully overlapping current prospective 2D
leads and downdip trends. As part of its agreement with Tullow,
Tullow will carry the Company's share of the originally proposed
1,000 km(2) of the survey, at a cap of US$1.25 million, with the
balance of the program being funded by both parties on a pro-rata
basis. The additional cost of the enhanced seismic program to Eco
is well covered by existing cash resources, following the Company's
over-subscribed Placing of GBP5.1 million announced in February
2017 in conjunction with its dual listing on the AIM market of the
London Stock Exchange.
Colin Kinley, Chief Operating Officer and co-founder of Eco
Atlantic commented: "As previously announced and planned, we are
excited to commence this significant 3D survey, which is
substantially greater than the committed survey. In addition to
further defining and de-risking the existing leads, the survey will
hopefully better define potential drilling targets and determine
the scale of the resource on the Orinduik Block. We look forward to
processing the data and beginning to understand results in the
fourth quarter of this year."
For more information, please visit www.ecooilandgas.com or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 7768 537
Yellow Jersey PR 739
Felicity Winkles
Harriet Jackson
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration
and production Company with interests in Guyana and Namibia where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil companies,
including Tullow and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside
Tullow Oil (60%) in the 1,800 km(2) Orinduik Block in the shallow
water of the prospective Suriname Guyana basin. The Orinduik Block
is adjacent and updip to the deep-water Liza Field, recently
discovered by ExxonMobil and Hess, which is estimated to contain as
much as 1.4 billion barrels of oil equivalent, making it one of a
handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in
2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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