Eco (Atlantic) Oil and Gas Ltd. Entry into Phase Two of initial Period - Orinduik (1979C)
January 18 2018 - 2:00AM
UK Regulatory
TIDMECO
RNS Number : 1979C
Eco (Atlantic) Oil and Gas Ltd.
18 January 2018
18 January 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", the "Company", "Eco" or, together with its
subsidiaries, the "Group")
Entry into Phase Two of initial Period of the Orinduik Block
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), the oil
and gas exploration company with licenses in highly prospective
regions in South America and Africa, announces that at the Company
and Tullow Oil (together "the Partners") on the Orinduik Block,
have elected to enter Phase Two of the Initial Period under the
Petroleum Agreement and Prospecting License, Orinduik Block,
offshore Guyana. As operator of the Block, Tullow Oil has notified
the Guyana Geology and Mines Commission as well as the Honorable
Minister Trotman, Minister of Natural Resources of the Partners'
decision.
The work commitment under Phase Two requires the acquisition of
at least a minimum of 1,000 square kilometers of 3D seismic on the
Orinduik Block. This has already been completed and exceeded during
Phase One when the Block partners completed a 2,550 square
kilometers survey in September 2017. As such, there is no further
3D seismic in Phase Two of the Initial Exploration Period.
Current Working Interests on the Orinduik Block are as
follows:
Tullow Oil - 60% (Operator)
Eco Guyana - 40%
As announced on 26 September 2017, Eco signed an agreement with
Total E&P Activités Pétrolières, a wholly owned subsidiary of
Total SA ("Total"), whereby Total has an option to acquire a 25%
Working Interest in the Orinduik Block from Eco Guyana.
Colin Kinley, Eco's Chief Operating Officer commented:
"We are delighted to enter into Phase Two on Orinduik. We have
completed and significantly exceeded our 3D seismic requirements
for Phase Two already during Phase One. The initial phase of
processing is nearing completion. Once we are satisfied with the
data at that stage, we will supply it to Total for their review
under their option agreement. While the precise date is yet to be
determined by the Partners, an announcement will be made at that
time and the companies will begin working together on the
interpretation and selection of well targets. Our entry into Phase
Two further endorses our belief of the potential of the Orinduik
Block. This has also recently been strengthened by ExxonMobil's
sixth discovery on the adjacent Stabroek Block, Ranger-1, which is
now increases Exxon's estimated to total more than 3.2 billion
recoverable oil-equivalent barrels on the Block."
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 +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Pareto Securities Limited (Joint +44 (0) 20 7786
Broker) 4370
+44 (0) 20 7786
Soren Clausen 4382
+44 (0) 20 7786
4398
Davide Finelli +44 (0) 20 7786
Matilda Mäkitalo 4375
Peterhouse Corporate Finance +44 (0) 20 7469
(retail market advisor) 0930
Eran Zucker
+44 (0) 20 7138
Blytheweigh (PR) 3204
Nick Elwes
Tim Blythe
Notes to editors
Eco Atlantic is a TSX-V and AIM listed oil and 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 and AziNam.
In Guyana, Eco Guyana holds a 40 per cent. working interest
alongside Tullow Oil (60 per cent.) 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, recently discovered by ExxonMobil and Hess, which is
estimated to contain as much as 2.5 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 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in
2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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