Eco (Atlantic) Oil and Gas Ltd. Eco Contracts Stena Forth to Drill Offshore Guyana (5389Q)
20 Febbraio 2019 - 8:00AM
UK Regulatory
TIDMECO
RNS Number : 5389Q
Eco (Atlantic) Oil and Gas Ltd.
20 February 2019
20 February 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Eco Contracts the Stena Forth Drillship to Drill Orinduik Block
Offshore Guyana
Eco (Atlantic) Oil and Gas Ltd. (AIM: ECO, TSX-V: EOG) , along
with its partners in the Orinduik Block, offshore Guyana, Total
E&P Activités Pétrolières ("Total") and Tullow Guyana B.V.
("Tullow") (Operator) (the "Partners"), is pleased to announce it
has contracted a rig, the Stena Forth, a sixth-generation drillship
from Stena Carron Drilling Limited Guyana Branch ("Stena"), to
drill the Jethro-Lobe prospect on the Orinduik Block offshore
Guyana. The Stena Forth is a harsh environment, dynamically
positioned Class 3 drillship, capable of operating in up to 10,000
feet of water to a maximum drill depth of 35,000 feet. The Stena
Forth, which is currently drilling off West Africa, is fully crewed
and is operating.
Eco Atlantic confirms that the contract with Stena secures the
rig for transport at the end of May, targeting a June 2019 spud
date. Further, the agreement also defines a window for a second
well on the Orinduik Block, which would be drilled after the
Jethro-Lobe well has been drilled. Long lead items, including the
well heads and casings for two wells, have been secured and
ordered. The Orinduik partners are currently reviewing plans for a
second well and anticipate formalizing those plans in the coming
weeks
The Stena Forth was selected by the Partners for its best
overall economics and technical capacity, following an extensive
review of alternatives. There are significant benefits in utilizing
this drillship, as it is operating to the partnership's standards,
already being mobilized in a similar drilling environment with an
experienced crew, and the Operator has a good understanding of the
operating requirements.
The Partners have also approved the majority of the rig
servicing contracts to ensure smooth and timely operations with the
Stena Forth. Wellheads have been ordered from DrillQuip, and
support ship and infrastructure agreements are now underway.
Colin Kinley, Chief Operating Officer for Eco Atlantic
stated:
"Eco is pleased to have secured the Stena Forth Drillship for
this initial drill programme on Orinduik. This state-of-the-art
Class 3 Rig has overall capacity ratings at close to double our
operating requirements. The rig is operating, which is a great
advantage to the partners. The partners selected the 250 million
barrel Jethro-Lobe Tertiary prospect in December, which is only a
few kilometers away and up dip from multiple Exxon discoveries in
the region and in the same proven resource intervals. While the
Jethro-Lobe is a Tertiary target, which we believe is similar to
the Exxon Hammerhead discovery that appears to extend onto
Orinduik, we will also drill down to test the Cretaceous section
below Jethro."
**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
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint
Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0)20 7710 7600
Berenberg (Joint Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Pareto Securities Limited (Joint Broker) +44 (0) 20 7786 4370
Søren 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
Julia Tilley
Jane Lenton
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, Total and Azinam.
In Guyana, Eco Guyana holds a 15% working interest alongside
Total (25%) and 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 made by ExxonMobil and Hess. The partners'
discovery, Pluma-1, increases the estimate of recoverable resources
for the Stabroek Block to more than 5 billion barrels of oil
equivalent, the latest discoveries at Tilapia-1 and Haimara-1 will
add to the estimate.
In Namibia, the Company holds interests in four offshore
petroleum licences totalling 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 Azinam and NAMCOR. Eco has
been granted a drilling permit on its Cooper Block (Operator).
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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