TIDMECO
RNS Number : 3901A
Eco (Atlantic) Oil and Gas Ltd.
11 September 2018
This announcement replaces the recently issued "Eco Atlantic
Issues AIM CPR and TSX Compliant NI-51-101 Report on Guyana Block"
announcement, released by the Company at 7.00 a.m. on Tuesday 11
September 2018 under RNS number 3445A.
The title of the announcement contained a typographical error in
reference to the P50 (Best Estimate) Gross Prospective Resource.
The correct figure should read 2,913 MMBOE instead of 2.9
MMBOE.
The full announcement including the amended text appears
below.
11 September 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Eco Atlantic Issues AIM CPR and TSX Compliant NI-51-101 Report
on Guyana Block
Orinduik License P50 (Best Estimate) 2,913 MMBOE Gross
Prospective Resources
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the
oil and gas exploration company with licences in highly prospective
regions in Namibia and Guyana, is delighted to announce that
Gustavson Associates LLC ("Gustavson") of Boulder, Colorado has
prepared a Competent Persons Report ("CPR") for the AIM Market of
the London Stock Exchange along with a NI 51-101 report for the TSX
Venture Exchange. This CPR is the first on Eco Atlantic's Orinduik
Block ("the Block"), Offshore Guyana.
The Company announces Gross P50 (Best Estimate) 2,913.3 MMBOE
and Net (40%) 1,165.3 MMBOE(,) identified across a total of 10
Leads on the Orinduik Block.
Gross Unrisked Prospective Resource Estimates for Orinduik
Block
Prospective Oil Resources, Prospective Associated
Oil in Place, MMBbl MMBbl Gas Resources, BCF
Low Best High Low Best High Low Best High
Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Orinduik
Block 4,944.9 9,263.2 16,169.2 1,309.2 2,505.1 4,467.7 1,245.3 2,449.1 4,510.0
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total 4,944.9 9,263.2 16,169.2 1,309.2 2,505.1 4,647.7 1,245.3 2,449.1 4,510.0
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(MMBbl = million barrels of oil; BCF = billion cubic feet)
Eco's 40% Net Unrisked Prospective Resource Estimates for
Orinduik Block and Lead Risk%
Prospective Oil Resources, Prospective Associated Risk*
Oil in Place, MMBbl MMBbl Gas Resources, BCF
Low Best High Low Best High Low Best High POS
Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate (Probability
of
Success)
Range
%
--------- --------- --------- --------- --------- ---------- --------- --------- ---------- -------------
Orinduik 16.8
Block 1,859.3 3,483.0 6,079.6 492.2 941.9 1,679.9 468 920.9 1,695.8 - 22.4
--------- --------- --------- --------- --------- ---------- --------- --------- ---------- -------------
Total 1,859.3 3,483.0 6,079.6 492.2 941.9 1,679.9 468 920.9 1,695.8
--------- --------- --------- --------- --------- ---------- --------- --------- ---------- -------------
(MMBbl = million barrels of oil; BCF = billion cubic feet)
Eco Atlantic holds a 40% Working Interest (WI) in the block and
Tullow Oil, Operator, holds a 60% WI. As previously announced Total
Petroleum SA ("Total") has an option to acquire a 25% WI from Eco
subject to payment of an additional US$ 12.5 million to the
Company. The 3D seismic survey shot on the block in September 2017
is currently being finalized and the final data is expected to be
sent to Total this month. Total will have up to 120 days following
receipt of the data to exercise the option.
Colin Kinley, Co-Founder and Chief Operating Officer of Eco
Atlantic, commented:
"Today's CPR confirms the high prospectivity of our Orinduik
Block. We are delighted by the identification of at least ten
exploration leads with close to 3 Billion barrels (BOE) of
recoverable oil potential, confirmed by Gustavson.
"We are very pleased with the current interpretation work that
has been completed at Tullow, Gustavson and within Eco and have a
great deal of confidence in our joint efforts to date. The
additional discoveries on Exxon's Stabroek Block, including the
most recent Hammerhead-1 that is on our 3D survey, enables us to
see the formations ramp up onto Orinduik. These have greatly helped
us to further understand the play. Ten key leads have been
identified on Orinduik to date. The partners will carefully
consider in the coming months the prioritization of the leads for
drilling as we continue work on the drilling engineering and the
environmental permitting.
"We have identified the potential for close to 2.5 Billion
barrels of recoverable oil and 2.45 TCF of associated gas. These
are very meaningful numbers for all the partners and most
importantly the people of Guyana.
"Three of the targets we have identified have estimated
Probability of Success calculated at 22.4% at this stage This
risking is extremely good for any company on a single lead, let
alone three. As noted in the previous announcement, we continue to
derisk the play and are approaching this with a conservative and
focused approach. As our partner Tullow announced last week, we are
planning to drill our first well early Q3 2019 and we are in the
process of permitting and engineering in parallel with continuing
geophysical and geological assessments."
Qualified Person's Statement:
Jan Joseph Tomanek, Vice President of Gustavson Associates LLC,
has reviewed the technical information contained within this
announcement for the purposes of the current Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange.
Jan Tomanek is an American Institute of Petroleum Geologist
Certified Petroleum Geologist and an American Institute of
Professional Geologist Certified Professional Geologist and has
over 35 years' experience in the oil and gas field.
All Reserves and Resources definitions and estimates detailed in
this announcement are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum
Resource Management System ("PRMS").
The full CPR Report can be viewed online at www.sedar.com and is
also available on the Company's website: www.ecooilandgas.com.
**S**
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
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
About Eco Atlantic:
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, Longtail and Hammerhead Discoveries,
recently discovered by ExxonMobil and Hess, which is estimated to
contain in excess of 4.2 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 25,000km(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, ONGC Videsh and NAMCOR. Drilling activity in Namibia is set
to gather pace in 2018 and 2019, with wells confirmed on Tullow's
PEL 037 and Chariot's Central Blocks. Eco has applied for a
drilling permit on its Cooper (Operator) Block.
(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 an
additional US$12.5 million.
About Gustavson Associates:
Gustavson Associates LLC ("Gustavson") is an international oil,
gas, and mining consulting firm consisting of professional
geologists, engineers, economists, and appraisers. Gustavson has
acted independently in the preparation of this Report. The company
and its employees have no direct or indirect ownership in the
property appraised or the area of study described. The fee for the
CPR and the other services that may be provided is not dependent on
the amount of resources estimated.
Gustavson has the relevant and appropriate qualifications,
experience and technical knowledge to appraise the assets
professionally and independently. Gustavson considers that the
scope of the CPR is appropriate and includes and discloses all
information required to be included therein and was prepared to a
standard expected in accordance with the AIM Rules.
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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