TIDMECO
RNS Number : 1456S
Eco (Atlantic) Oil and Gas Ltd.
21 June 2018
21 June 2018
ECO (ATLANTIC) OIL & GAS LTD
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
Eco Notes ExxonMobil's Eighth Discovery and gives Operational
Update on Orinduik Block, 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 South America and Africa, is pleased to note the
announcement by ExxonMobil Corporation ("Exxon") in relation to its
eighth discovery offshore Guyana and provide an update on its
operations in the region.
Eco notes an announcement made by ExxonMobil Corporation
("Exxon") in relation to its eighth significant oil discovery
offshore Guyana ("Longtail") in the Stabroek Block, adjacent to
Eco's 1,800km(2) Orinduik Block. The Longtail-1 well encountered
approximately 78 metres of high-quality oil-bearing sandstone
reservoir and was successfully drilled to 5,504 metres in depth
through 1,940 metres of water. The discovery is situated in close
proximity to Exxon's Turbot-1 exploration well located in
south-eastern region of the Liza field. Eco further notes that like
the Turbot-1 discovery that the Longtail field is also located
inboard of Liza. In addition to the Longtail discovery, Exxon has
also added a second drilling vessel offshore Guyana in addition to
its Stena Carron drillship which is being used for development
drilling production wells in the Liza field.
The Company is also pleased to report that interpretation and
processing of Eco's 3D seismic survey on the Orinduik Block is
nearing completion, the Company has of yesterday received the
Pre-Stack Depth Migration ("PSDM") data and next week will receive
the conditioned PSDM stacks from Tullow. All the data that was
received to date has already been delivered to Total and Eco
anticipates that the final batch of data will be delivered to Total
E&P Activitiés Pétrolières ("Total") for analysis in the coming
weeks, with the final report expected to be delivered in August.
The Company is extremely pleased with the processing product and
the definition of the leads earlier established now beginning to
define potential targets. The block has a clearly established set
of cretaceous channel and fan systems that has clearly been proven
prolific through the basin. The work on understanding these systems
is being led by the Tullow team, who have extensive proven
experience in Ghana and other similar plays on the Atlantic Margin.
Eco's partners on the Orinduik Block have also this week approved
the commencement of the drilling engineering and environmental
permitting process required for drilling the Orinduik Block.
Under the terms of the Total option agreement announced on 26
September 2017, Total will have a period of 120 days to exercise
its option to acquire a 25% working interest in the Orinduik Block
from Eco Guyana upon final delivery of the final3D seismic survey
data report.
Colin Kinley, Chief Operating Officer of Eco Atlantic,
commented:
"Exxon's Longtail-1 discovery in the Stabroek Block, further
inboard of the Liza field, further demonstrates the world class
significance of this region of the Guyana/Surinam Basin. The
acceleration of potential within the Guyana/Surinam Basin has been
extraordinary and with each discovery well we are learning more.
The pay thickness alone in Longtail that nears Liza, and its
location along the slope just East of Orinduik, are both quite
meaningful in our interpretation. Eco and its Block partners have
now approved the kick-off of drilling engineering and the
environmental permitting process that was originally slated and
budgeted for later this year. Eco's location along the slope is
defining leads now in similar sands and within the same age
formation that are in 70 to 300 meters of water. That means both
Jack-up Drilling targets (<100m water) and Semisubmersible
(<500m water) drilling. Both reflect very positive economics for
development. We anticipate defining drill targets in September of
this year with the partners and hope to see engineering completion
and environmental permitting accelerated for 2019 drilling.
"As the processing of the 3D seismic data nears completion, we
are working with Gustavson Associates out of Boulder Colorado who
we have retained to complete a compliant resource estimate and
report for the block to help us and our investors better understand
and gauge the defined potential and risking. This is no doubt a
material advancement opportunity for the Company and we will
continue to take a comprehensive and conservative approach through
the interpretation process and defining of our targets for drilling
given the significant potential of this block."
**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
Tim Blythe
Simon Woods
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, Turbot and Longtail Discoveries, recently
discovered by ExxonMobil and Hess, which is estimated to contain in
excess of 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 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
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