Eco (Atlantic) Oil and Gas Ltd. Jethro-Lobe Spud, Offshore Guyana (6338E)
05 Luglio 2019 - 9:38AM
UK Regulatory
TIDMECO
RNS Number : 6338E
Eco (Atlantic) Oil and Gas Ltd.
05 July 2019
5(th) July 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Jethro-Lobe Spud, 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
operations have commenced offshore Guyana with the spudding of the
first exploration well on its Jethro-Lobe prospect on the Orinduik
Block. Jethro-Lobe was spud at 22:45hrs (Local Guyana time) on
Thursday 4(th) July 2019 using the Stena Forth drillship.
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
up to 40 days to drill.
Jethro Lobe is the first prospect to be drilled as part of a
two-well programme and will be immediately followed by the drilling
of an exploration well on the Joe prospect.
Eco is fully funded for its share of up to six potential
exploration or development wells on the Orinduik Block in addition
to the Jethro Lobe and Joe exploration wells, as announced on 10
June 2019.
Gil Holzman, Chief Executive Officer commented:
"Today Eco Atlantic's first Guyana well has been spud, three
years ahead of our Petroleum Agreement commitment. This is the
start of a hugely exciting time for the Company. Jethro Lobe will
test the Lower Tertiary aged turbidites, as well drilling down into
the Cretaceous. As such, we await the well results with great
anticipation, as they will give us an even greater understanding of
the geological plays.
"The huge success which ExxonMobil has had on the neighbouring
Stabroek Block, has aided our geological assessment of the many
similar channel systems in our Orinduik Block. With fifteen leads
and prospects identified on the Orinduik Block, and funding to
drill six potential exploration wells beyond the two currently
planned, this is only the start of a fascinating and potentially
transformational time for the Company."
**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, Director
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
Blytheweigh (PR) +44 (0) 20 7138 3204
Tim Blythe
Julia Tilley
Jane Lenton
Hannam & Partners (Research Advisor)
Neil Passmore
Hamish Clegg
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, 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 ExxonMobil and Hess
Corporation's Stabroek Block, on which thirteen discoveries have
been announced and over 5.5bboe of oil equivalent recoverable
resources are estimated. First oil production is expected from the
deep-water Liza Field in 2020.
The Jethro-Lobe prospect, which will be drilled from a
conventional drill ship, is a lower Tertiary stratigraphically
trapped canyon turbidite in approximately 1,350 meters of water.
The targeted prospect is estimated by the Company to hold
214.5mmboe of gross unrisked prospective resources (P50) and the
Chance of Success is estimated to be 43.2%.
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).
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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