TIDMECO
RNS Number : 6198Y
Eco (Atlantic) Oil and Gas Ltd.
03 January 2020
3 January 2020
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Eco notes Light Cretaceous Oil Discovery on Carapa-1 well,
Kanuku Block, offshore Guyana
Discovery reaffirms prospectivity of Cretaceous age light oil
prospects on the Orinduik Block
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX--V: EOG) notes
the recent announcement by Tullow Oil (37.5%), in partnership with
Repsol (Operator, 37.5%) and Total (25%), regarding the cretaceous
age light oil discovery made at the Carapa-1 well on the Kanuku
block, directly in board of the Orinduik Block offshore Guyana.
Preliminary results of drilling, wireline logging, pressure
testing and sampling of reservoir fluid indicated the discovery of
oil in Upper Cretaceous age sandstone reservoirs. Testing indicated
that the oil is 27 degrees API, with a sulphur content of less than
1%.
A map demonstrating the location of the Orinduik block between
the Liza field (and the rest of ExxonMobil's discoveries) and the
Carapa-1 discovery, offshore Guyana, can be found at the below
link:
https://www.ecooilandgas.com/projects/guyana/
Colin Kinley, Chief Operating Officer of Eco Atlantic,
commented:
"The Carapa discovery is very important to us technically and
confirms our thinking on prospectivity on our Orinduik block. The
existence of a good oil grade unaffected by sulphur in board of us
is excellent news. We have a proven source kitchen to the North,
with ExxonMobil and partners having defined and now producing 32
API at the Liza field to the North of us, and now a 27 API oil
discovery on Carapa to the South of us. We continue to gain a good
understanding of the transportation and pooling systems, and we can
see the reservoirs clearly in the cretaceous. As more wells are
drilled, it is becoming clearer to understand and define new
drilling locations. We see very significant thick pay opportunities
in the cretaceous section on Orinduik and we are currently defining
our upcoming drilling plans, which we hope to have confirmed in the
next few weeks.
"Eco is currently preparing an updated CPR under TSX and AIM
guidelines, which will incorporate the recent discoveries in the
Tertiary Section on Orinduik, ExxonMobil's additional regional
discoveries in 2019 and some of the read through we see by the
derisking of the cretaceous section, which is estimated to contain
close to 3 Billion Barrels of oil on the Orinduik Block, that the
Carapa discovery has helped define.
"2020 is a significant year for Eco, and the discovery at Carapa
is exactly what we were looking for. We now have drilling prospects
that are significantly brightened and we will provide further
updates regarding the CPR, analysis of our discoveries to date and
upcoming drilling plans soon."
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
Alice Carroll, Head of Marketing and IR +44(0)781 729 5070
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
Ashton Clanfield +44 (0)20 7710 7600
Berenberg (Joint Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Hannam & Partners (Research Advisor)
Neil Passmore +44 (0) 20 7905 8500
Hamish Clegg
Canaccord Genuity (North American Advisor)
Simon Akit +1 416 869 3820
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 quoted 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 6 Billion BOE of oil equivalent recoverable
resources are estimated. First oil production is expected from the
deep-water Liza Field in 2020.
Jethro-1 was the first major oil discovery on Orinduik Block.
The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality
oil pay in excellent Lower Tertiary sandstone reservoirs which
further proves recoverable oil resources. Joe-1 is the second
discovery on the Orinduik Block and comprises high quality
oil-bearing sandstone reservoir with a high porosity of Upper
Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of
continuous thick sandstone which further proves the presence of
recoverable oil resources.
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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