Eco (Atlantic) Oil and Gas Ltd. Eco Spuds Joe-1 Well, Offshore Guyana (1540K)
27 August 2019 - 4:02PM
UK Regulatory
TIDMECO
RNS Number : 1540K
Eco (Atlantic) Oil and Gas Ltd.
27 August 2019
27 August 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Eco Spuds Joe-1 Well, Offshore Guyana
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the
oil and gas exploration company with licences in highly prospective
regions in Guyana and Namibia, is pleased to announce that drilling
of the Joe prospect has commenced offshore Guyana, the Company's
second exploration well on the Orinduik Block. Joe-1 was spud at
14.45hrs (Local Guyana time) on 25 August 2019 using the Stena
Forth drillship, which previously drilled the recently announced
Jethro discovery.
Eco and its partners on the Orinduik Block, Tullow Guyana B.V.
("Tullow") (Operator, 60% Working Interest ("WI")) and Total
E&P Guyana B.V. ("Total") (25% WI), estimate the well will take
approximately three weeks to drill.
The Joe prospect is a Tertiary feature on the northern part of
the Orinduik Block in approximately 700 meters of water and is
estimated by Gustavson Associates to hold 148.3mmboe of gross
unrisked prospective oil resources (P50).
Joe is the second of Eco's two-well drill programme in Guyana
for this year and the Company is fully funded for a further six
potential exploration, appraisal or development wells on the
Orinduik Block.
Colin Kinley, Chief Operating Officer and co-founder,
commented:
"We are very pleased to have spudded on Sunday our second
exploration well on Orinduik. After the discovery made on Jethro in
the Lower Tertiary, which greatly derisked that age section
throughout the block, we are now moving to an Upper Tertiary target
in the Joe prospect where we are targeting over 100mmboe. If a
further discovery is made, it will further enhance the value of the
block with this shallower play. The estimated chance of success for
Joe is the same as Jethro, although it is a completely different
play, and we are confident in our 3D interpretation as we were
ahead of the Jethro-1 discovery.
"We look forward to continued success in our exploration efforts
as we move forward to define the plays available to us in all the
various geological ages and to develop this block."
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
Strand Hanson Limited (Financial & Nominated +44 (0) 20 7409
Adviser) 3494
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint
Broker)
Callum Stewart
Nicholas Rhodes +44 (0)20 7710
Ashton Clanfield 7600
+44 (0) 20 3207
Berenberg (Joint Broker) 7800
Matthew Armitt
Detlir Elezi
+44 (0) 20 7138
Blytheweigh (PR) 3204
Tim Blythe
Julia Tilley
Jane Lenton
Hannam & Partners (Research Advisor)
Neil Passmore
Hamish Clegg
Canaccord Genuity (North America Advisor)
Simon Akit +1 416 869 3820
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, Total and Azinam.
In Guyana, Eco Guyana holds a 15% working interest alongside
Total (25%) and Tullow Oil (60%) in the 1,800km(2) Orinduik Block
in shallow to deep water (70m to 1,350m) of the prospective
Suriname-Guyana basin. The Orinduik Block is adjacent and updip to
ExxonMobil's Stabroek Block, on which thirteen discoveries have
been announced and over 6bboe of oil equivalent recoverable
resources are estimated. First oil production is expected from the
deep-water Liza Field in 2020.
Jethro-1 is a major oil discovery on Orinduik Block. The
Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil
pay in excellent Lower Tertiary sandstone reservoirs which supports
recoverable oil resources.
The Joe prospect is a stratigraphic channel fill and overbank
sand body that trends to the northwest on the northern part of the
Orinduik Block in approximately 700 meters of water. It is a
Tertiary feature. The targeted prospect is estimated by Gustavson
Associates to hold 148.3mmboe of gross unrisked prospective oil
resources (P50) and the Chance of Success is also estimated to be
43.2%.
In Namibia, the Company holds interests in four offshore
petroleum licences totalling approximately 25,000km(2) with over
2.3bboe of prospective P50 resources in the Walvis and Lüderitz
Basins. These four licences, Cooper, Guy, Sharon and Tamar are
being developed alongside partners Azinam and NAMCOR. Eco has been
granted a drilling permit on its Cooper Block (Operator).
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLBQLLLKVFLBBZ
(END) Dow Jones Newswires
August 27, 2019 02:02 ET (06:02 GMT)
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From Apr 2024 to May 2024
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From May 2023 to May 2024