TIDMECO
RNS Number : 0979T
Eco (Atlantic) Oil and Gas Ltd.
18 March 2019
18 March 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Updated NI 51-101 Compliant Competent Person's Report (CPR) on
Orinduik Block, Offshore Guyana
Increase in Gross Prospective Resources P50 (Best) to 3,981
MMBOE (from previous 2,913 MMBOE)
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 delighted to announce that
Gustavson Associates LLC ("Gustavson") of Boulder Colorado has
completed and delivered an updated NI 51-101 compliant Competent
Persons Report ("CPR") on the Orinduik Block offshore Guyana
("Orinduik Block"). This report is the second on Eco Atlantic's
Orinduik Block and follows the completion of the 3D processing and
an additional six months of interpretation work. It supplements and
updates the interpretation of the previous CPR announced on 11
September 2018.
Following the completion of the processing of the 2,550 km(2) 3D
seismic program and the reported regional Tertiary aged
discoveries, including Exxon's Hammerhead discovery, the company
and its partners (Tullow - 60% Operator, Total - 25%, Eco - 15%)
have completed a further extensive evaluation and risking exercise
on the leads and targets on the Orinduik Block following review and
analysis of this additional information. Gustavson has
independently updated the previously announced P50 Best estimate of
the Gross Unrisked Prospective Resources within the Orinduik
Block.
The updated CPR estimates an increase in Gross Unrisked
Prospective Resources P50 (Best) to 3,981.9 MMBOE on the Block,
implying Net (15%) 597.3 MMBOE to Eco, identified across a total of
15 Leads on the Orinduik Block.(.)
Gross (to Block) and Net (to Eco) Barrels of Oil Equivalent
Unrisked Prospective Resources
Gross Prospective Oil Equivalent Net Prospective Oil Equivalent
Resources, MMBOE(6) Resources, MMBOE(6)
------------------------------------------ ------------------------------------------
Orinduik Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate
Block
--------- ------------ ------------- ------------- ------------ ------------- -------------
TOTAL 2,015.8 3,981.9 7,215.0 302.4 597.3 1,082.3
========= ============ ============= ============= ============ ============= =============
Gross Unrisked Prospective Resource Estimates for Orinduik
Block
Prospective Oil Resources, Prospective Associated
Oil in Place, MMBbl MMBbl Gas Resources, BCF
---------------------------------- ---------------------------------- ----------------------------------
Best High Best High Best High
Low Estimate Estimate Estimate Low Estimate Estimate Estimate Low Estimate Estimate Estimate
--------- ------------ --------- --------- ------------ --------- --------- ------------ --------- ---------
Orinduik
Block 6,720.2 12,978.3 22,928.7 1,782.3 3,508.1 6,326.9 1,401.2 2,842.6 5,328.9
========= ============ ========= ========= ============ ========= ========= ============ ========= =========
(MMBbl = million barrels of oil; BCF = billion cubic feet)
Eco's 15% Net Unrisked Prospective Resource Estimates for
Orinduik Block and Lead Risk Percentage
Prospective Oil Prospective Associated Risk
Oil in Place, MMBbl Resources, MMBbl Gas Resources, BCF
------------------------------ ------------------------------- ------------------------------- ---------
POS
Low Best High Low Best High Low Best High Range,
Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate %
--------- -------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Orinduik 16.8 -
Block 1,008.0 1,946.7 3,439.3 267.3 526.2 949.0 210.2 426.4 799.3 81.0
========= ======== ========= ========= ========= ========= ========= ========= ========= ========= =========
(MMBbl = million barrels of oil; BCF = billion cubic feet)
A link to the full CPR Report can be viewed online at
www.sedar.com and is also available on the Company's website:
www.ecooilandgas.com.
Colin Kinley, co-founder and Chief Operating Officer of Eco
Atlantic commented:
"Eco is pleased with the progress made in defining the
prospectivity on Orinduik. As the regional play continues to
develop, and more discoveries have been made, particularly in the
Tertiary play, as was proven by Exxon's Hammerhead 1 discovery,
this has allowed us to build upon our model. Our first drill target
scheduled for June is Jethro, on which Gustavson has firmed up
their estimate to contain 214.5 MMBOE (P50) at 43.2% Chance of
Success. The partners are in the process of approving a second well
and we believe the risking will be in the same range as for Jethro.
We hope to confirm drilling plans for well number two in the near
future to take advantage of the economics of our rig on the
block.
"We are very happy with the interpretation of the Hammerhead-1
discovery up on to Orinduik. Although the volumes are conservative,
it has an extremely low risk for drilling (81% Chance of Success)
and has confirmed the presence of oil on our block. We understand
that this discovery will be offset drilled on the Stabroek block in
the near future which will help further define our interpretation
of our other leads and targets.
"We have confidence in our and our partners' work to date, as we
continue to work with the industry leading teams at Tullow, who is
Operator, and Total, who is a fully engaged partner. At this point
we are looking to drill strategic lower risk targets. Assuming
positive results, we aim to move quickly to production planning and
optimum economics for our partnership and the people of
Guyana."
Qualified Person's Statement:
Jan Joseph Tomanek, Vice President of Gustavson Associates LLC,
has reviewed the technical information contained within this
announcement for the purposes of the current Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange.
Jan Tomanek is an American Association of Petroleum Geologists
Certified Petroleum Geologist and an American Institute of
Professional Geologists Certified Professional Geologist and has
over 35 years' experience in the oil and gas field.
All Reserves and Resources definitions and estimates detailed in
this announcement are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum
Resource Management System ("PRMS").
**S**
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 & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint
Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0)20 7710 7600
Berenberg (Joint Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
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
About Eco Atlantic:
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 Corporation. The
more recent discovery by ExxonMobil and Hess Corporation, Pluma-1,
increased the estimate of recoverable resources for the Stabroek
Block to more than 5.5 billion barrels of oil equivalent, and the
latest discoveries at Tilapia-1 and Haimara-1 will further add to
that estimate.
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).
About Gustavson Associates:
Gustavson Associates LLC ("Gustavson") is an international oil,
gas, and mining consulting firm consisting of professional
geologists, engineers, economists, and appraisers. Gustavson has
acted independently in the preparation of this Report. The company
and its employees have no direct or indirect ownership in the
property appraised or the area of study described. The fee for the
CPR and the other services that may be provided is not dependent on
the amount of resources estimated.
Gustavson has the relevant and appropriate qualifications,
experience and technical knowledge to appraise the assets
professionally and independently. Gustavson considers that the
scope of the CPR is appropriate and includes and discloses all
information required to be included therein and was prepared to a
standard expected in accordance with the AIM Rules.
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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