TIDMECO
RNS Number : 5575J
Eco (Atlantic) Oil and Gas Ltd.
05 December 2018
The following amendments have been made to the 'Eco confirms
2019 drilling program of Orinduik Block, offshore Guyana'
announcement released on 5 December 2018 at 07:00 under RNS No
4552J
'Upper Cretaceous stratigraphically trapped canyon turbidite',
changed to 'Upper Tertiary stratigraphically trapped canyon
turbidite'
Furthermore, it was added that 'The targeted prospect is
estimated by the Company to hold 250mmbbl of gross prospective
resources and the Chance Of Success is estimated to be 44%.'
All other details remain unchanged.
The full amended text is shown below.
5 December 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Eco confirms 2019 drilling program of Orinduik Block, 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 its drilling
plans for 2019 on the Orinduik Block, offshore Guyana.
Highlights:
-- Initial 2019 drill plan approved by Eco Atlantic, Total
E&P Activities Petrolieres ("Total") and Tullow Guyana B.V.
("Tullow"), (Operator), (the "Partners")
-- First exploration well on Orinduik to be drilled late May -
early June 2019, on the Jethro-Lobe prospect
-- The prospect is an Upper Tertiary stratigraphically trapped canyon turbidite
-- The targeted prospect is estimated by the Company to hold
250mmbbl of gross prospective resources and the Chance Of Success
is estimated to be 44%
-- Net cost of first well estimated at USD$7.6m
-- Partners finalising synergies of at least two wells for 2019 drilling
The Partners on the Orinduik Block, being Eco Atlantic, Total
and Tullow (Operator), approved the initial 2019 work plan and
budget for the first exploration well on the Orinduik Block on 30
November 2018. The initial budget is for drilling the 'Jethro-Lobe'
prospect to be spud by the end of May - early June 2019. This will
be the first well out of at least two well campaigns proposed by
the Operator in 2019.
The Partners have approved the purchase of the necessary long
lead items and are currently considering the proposals offered by
drilling and service contractors who have offered a firm drilling
window within the Partners' envisaged timeframe and competitive
rates. Eco estimates that the approximate net cost to Eco of the
first well, targeting the Jethro Lobe prospect, at up to USD $7.6
million. Eco is fully funded for the 2019 campaign having current
cash of over USD $20 million, as announced on 29 November 2018.
The Jethro-Lobe prospect, which will be drilled from a
conventional drill ship, is an Upper Tertiary stratigraphically
trapped canyon turbidite in approximately 1,350 meters of water.
The targeted prospect is estimated by the Company to hold 250mmbbl
of gross prospective resources and the Chance Of Success is
estimated to be 44%.
Colin Kinley, Chief Operating Officer of Eco Atlantic
commented:
"The Jethro-Lobe well is the first well approved by the Partners
for 2019. As announced by Tullow, there are a number of
high-potential additional drilling candidates that are on the top
of the interpretation list. The Partners are currently evaluating
the synergies of drilling a second well in this campaign and are
assessing rig timing and budget to drill a second candidate. We
have a great deal of confidence in the selection of the Jethro-Lobe
drill candidate; the Partners are unanimous on the selection of the
location, reservoir quality, charge and production characteristics
and view this candidate as having a high chance of success and
potential for a first discovery.
"Our confidence was bolstered even further by the upgraded
estimate of the discovered recoverable resource to over 5 billion
barrels of oil equivalent on the Stabroek Block, as announced by
ExxonMobil and Hess on 3 December 2018. Further evaluation of
previous discoveries in addition to the tenth discovery on the
block, Pluma-1, contributed to the upgrade. Each successful well
drilled on Stabroek lowers Eco's risk on Orinduik."
Qualified Person's Statement:
Colin Kinley, Chief Operating Officer of Eco Atlantic, has
reviewed and approved the technical information contained within
this announcement in his capacity as a qualified person, as
required under the AIM rules. Mr Kinley has over 35 years'
experience in the oil and gas industry.
**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
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Pareto Securities Limited (Joint Broker) +44 (0) 20 7786 4370
Søren Clausen +44 (0) 20 7786 4382
Davide Finelli +44 (0) 20 7786 4398
Matilda Mäkitalo +44 (0) 20 7786 4375
Blytheweigh (PR) +44 (0) 20 7138 3204
Tim Blythe
Julia Tilley
Jane Lenton
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, 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 the deep-water Liza Field
and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead
discoveries, recently made by ExxonMobil and Hess. The partners'
latest discovery, Pluma-1, increases the estimate of recoverable
resources for the Stabroek Block to more than 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 totalling approximately 25,000km(2) with over
2.3 billion barrels 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
DRLUVRORWBAURAA
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