TIDMECO
RNS Number : 3958L
Eco (Atlantic) Oil and Gas Ltd.
19 April 2018
19 April 2018
ECO (ATLANTIC) OIL & GAS LTD
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
ECO Updates on 3D Processing of Orinduik Block in Guyana
Expanded Resource Targets Identified
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), is
pleased to provide an update on the processing and interpretation
of its recently acquired 2,550 sq km of 3D seismic on the Company's
Orinduik Block, offshore Guyana. As previously announced, Eco's
partner and Block Operator Tullow Oil ("Tullow"), contracted PGS
Geophysical in the UK to process the data acquired for the
partnership by Western Geophysical.
Eco has recently received the latest set of deliverables in
relation to the 3D seismic survey including PSTM Angle Stacks and
associated Inversion products that better define the geological
lithology of the play, provide a better imaging of the sands, and
allow the interpreters to more closely define target fluids. Tullow
and Eco have begun their review and interpretation of this latest
data set, which has also been copied and forwarded to Total E&P
Activités Pétrolières ("Total"). This is in addition to other
previously received sets of filtered PreSTM Fast Track and data
sets from Tullow, which in turn, have also already been received by
Total for their review, in accordance with its 25 % farm-in option
agreement and to help expedite the farm-out process. Delivery of
the final Seismic Data Report to Total pursuant to the farm-out
option agreement announced on 26 September 2017 (the "Farm-out
Option") will be delivered once completed and the final product has
been delivered from PGS. A further announcement will be made on
delivery of the final report in due course.
The Company has been very encouraged to date by the quality of
data received and interpretations to date, which have firmed up the
previously outlined targets as well as identifying new additional
potentially sizeable structures.
The Company is pleased to confirm that the data is also being
interpreted in parallel by its consultant Gustavson Associates for
the purpose of producing an Independent Resource Report in
accordance with AIM and TSX guidelines. Tullow has advised that
Intermediate Kirchhoff PreSDM from PGS is anticipated to be
completed the last week of May, which in turn will enable the
Resource Report to be concluded and published.
Colin Kinley, Chief Operating Officer of Eco Atlantic,
commented:
"The Company has the benefit of a significant 2D data set that
ties into areas of the recent Exxon discoveries offshore Guyana,
which are now estimated to exceed 3.2 Billion barrels. This data
ties back into our recently acquired 3D seismic and that has
allowed us to better track the age and the quality of the sands and
mechanisms that create the hydrocarbon traps. We interpret the
charge from the source rock migrating up-dip and being trapped at
various locations on the foreslope which is supported with each
Exxon discovery downdip of us. This in turn, is giving us a better
understanding of the features that allow those same hydrocarbons to
feed up into the channel and fan systems on our block.
"Results to date have led the Company to draw initial
interpretations of the thickness and quality of sands which appear
to be very promising. We are seeing many more interesting features
and targets across the Orinduik Block. Given these results and the
need for a more expanded and detailed interpretation, we have taken
longer than we originally envisaged to complete the processing with
good merit. The existence of multiple exploration targets on the
block will be very significant, not only in the resource numbers,
but also in the economics of this shallow water play, in terms of
both drilling and potential development for our partnership, and
for Guyana. The dataset will be released to Total as per the
Farm-out Option agreement, and we believe this thoroughness with
regards to processing and interpretation, should lead to a
heightened resource estimate to that based on the historic 2D
seismic.
"Eco continues to work closely with all parties, including
Total, to ensure that upon completion of the interpretation and
delivery of all data, a decision with regards to the previously
announced Farm-out Option can occur in a timely fashion. We are
pleased that we have the opportunity to work closely with some of
the world's leading explorationists and look forward to working the
entire team together as we narrow down our initial drilling targets
on the path forward."
**ENDS**
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
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Pareto Securities Limited (Joint Broker) +44 (0) 20 7786 4370
Soren Clausen +44 (0) 20 7786 4382
Davide Finelli +44 (0) 20 7786 4398
Matilda Mäkitalo +44 (0) 20 7786 4375
Peterhouse Corporate Finance +44 (0) 20 7469 0930
Eran Zucker
Blytheweigh (PR) +44 (0) 20 7138 3204
Nick Elwes
Tim Blythe
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, ONGC, Total (optional) and AziNam.
In Guyana, Eco Guyana holds a 40%(1) 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 and Snoek,
Payara, Pacora and Turbot 1 Discoveries, recently discovered by
ExxonMobil and Hess, which is estimated to contain as much as 3.2
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 Walvis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Drilling activity in Namibia is set to gather
pace in 2018 and 2019, with a few wells confirmed to be spud on
Tullow PEL 037 and Chariot Central Blocks. The Company has applied
for drilling permits on its Cooper (Operator) and Guy blocks.
(1) Total E&P Activités Pétrolières, (a wholly owned
subsidiary of Total SA) ("Total") has purchased an option from Eco
to acquire a 25% Working Interest in the Orinduik Block for and
additional US$12.5 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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