Eco Atlantic Says Exxon's Guyana Discovery is Positive for Orinduik License
31 August 2018 - 6:09PM
Dow Jones News
By Adam Clark
Eco Atlantic Oil & Gas Ltd. (EOG.V) said Friday that a new
oil discovery by Exxon Mobil Corp. (XOM) in offshore Guyana has
positive implications for its adjacent partially-owned Orinduik
license.
Exxon Mobil said Thursday that its Hammerhead-1 well hit
oil-bearing sandstone, marking its ninth discovery in offshore
Guyana.
Eco said the Exxon Mobile discovery has materially de-risked one
of the many similar channel systems in its Orinduik block, in which
it has a 40% stake with the remainder held by Tullow Oil PLC
(TLW.LN).
Eco and Tullow will shortly be in a position to pick the
location for the first well on the Orinduik license, with drilling
to begin in mid-2019, Eco said.
At 0730 GMT, Eco Atlantic shares were up 5.4% at 37.20 pence.
Tullow shares were up 0.2% at 234.10 pence.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
August 31, 2018 03:54 ET (07:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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