Pires Investments PLC Eco (Atlantic) Oil & Gas Limited Update

Data : 16/09/2019 @ 16:23
Fonte : UK Regulatory (RNS & others)
Titolo : Pires Investments Plc (PIRI)
Quotazione : 3.3  0.1 (3.13%) @ 13:25
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Pires Investments PLC Eco (Atlantic) Oil & Gas Limited Update

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RNS Number : 4952M

Pires Investments PLC

16 September 2019

Pires Investments PLC

("Pires" or the "Company")

Eco (Atlantic) Oil & Gas Limited Update

The Company notes the announcement made today by Eco (Atlantic) Oil & Gas Limited ("Eco"), the AIM and TSX-V listed Oil and Gas exploration and production Company with interests in Guyana and Namibia, some of the text of which is set out below:

"Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) today announces a second oil discovery on the Orinduik Block, offshore Guyana. The Joe-1 exploration well was drilled by the Stena Forth drillship to a final depth of 7,176 feet (2,175 meters) in approximately 2,546 feet (780 meters) of water. Evaluation of MWD, wireline logging and sampling of the oil confirms that Joe-1 is the second discovery on the Orinduik license and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. It encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources. Additional thinner sands above and below the main pay are being evaluated for possible incremental pay."

The announcement can be viewed in full at:

https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xpqp59r

Eco (Atlantic) Oil & Gas Limited is one of the Company's principal investments in its portfolio.

Enquiries:

 
 Pires Investments plc 
  Peter Redmond, Director          Tel: +44 (0) 20 3368 8961 
 Nominated Adviser 
  Cairn Financial Advisers LLP     Tel: +44 (0) 20 7213 0880 
  Liam Murray / Tony Rawlinson 
 Broker 
  Peterhouse Capital Limited       Tel: +44 (0) 20 7469 0935 
  Duncan Vasey / Lucy Williams     Tel: +44 (0) 20 7469 0936 
 

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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(END) Dow Jones Newswires

September 16, 2019 10:23 ET (14:23 GMT)

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