Eco (Atlantic) Oil and Gas Ltd. Eco Notes ExxonMobil's Seventh Oil Discovery (3177G)
March 01 2018 - 2:01AM
UK Regulatory
TIDMECO
RNS Number : 3177G
Eco (Atlantic) Oil and Gas Ltd.
01 March 2018
1 March 2018
ECO (ATLANTIC) OIL & GAS LTD
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
Eco Notes ExxonMobil's Seventh Oil Discovery, Offshore
Guyana
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, notes the announcement made by
ExxonMobil Corporation ("Exxon") in relation to its seventh oil
discovery, offshore Guyana. The Pacora-1 discovery is the closest
discovery to date to the Orinduik Block. Eco currently holds a 40%
Working Interest in the Orinduik Block.
Pacora-1 encountered approximately 65 feet (20 metres) of
high-quality, oil-bearing sandstone reservoir. The Pacora-1 well is
located seven kilometres west of the Payara 1 Discovery and is
again directly down dip of the Orinduik Block and follows Exxon's
previous discoveries on the Stabroek block at the Liza 1 and Liza 2
Fields, Payara, Liza Deep, Snoek, Turbot 1 and Ranger 1 Well
locations. Exxon has confirmed that a second drill rig is currently
being mobilized for production operations and further exploration
on the block. Previously announced Exxon Well locations are
indicated below in Fig.1.
Fig.1 - Exxon Well locations
http://www.rns-pdf.londonstockexchange.com/rns/3177G_-2018-2-28.pdf
Gil Holzman, CEO of Eco Atlantic, commented:
"This is yet another significant oil discovery on Exxon's
Stabroek Block directly down dip and adjacent to our Orinduik
Licence. With each well Exxon is further defining the overall scale
of this giant field.
"Critically these discovery wells sit down dip from the Eco /
Tullow block. These thick sand pathways are defining a migration
and a charge of this high-quality sand with hydrocarbons. Our
technical team is working carefully and conservatively to define
the resources within Orinduik. With experts from Total, Tullow,
Gustavson, Eco and Kinley all interpreting the processed data as it
becomes available, we are building confidence in the world class
potential of this block. This Pacora discovery is very close to our
border and has added a new and significantly important dimension to
our prospectivity."
**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, 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
+44 (0) 20 7469
Peterhouse Corporate Finance 0930
Eran Zucker
+44 (0) 20 7138
Blytheweigh (PR) 3204
Nick Elwes
Tim Blythe
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 and AziNam.
In Guyana, Eco Guyana holds a 40%(1) working interest alongside
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, recently
discovered by ExxonMobil and Hess, which is estimated to contain as
much as 1.4 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.
(1) Total E&P Activités Pétrolières, (a wholly owned
subsidiary of Total SA) ("Total") has an option to acquire a 25%
Working Interest in the Orinduik Block for US$12.5 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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