Eco (Atlantic) Oil and Gas Ltd. Renewal of Orinduik Petroleum Agreement (1876S)
March 15 2021 - 02:00AM
UK Regulatory
TIDMECO
RNS Number : 1876S
Eco (Atlantic) Oil and Gas Ltd.
15 March 2021
15 March 2021
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Renewal of Orinduik Petroleum Agreement Offshore Guyana
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company with licences in the proven oil
province of Guyana and the highly prospective basins in Namibia,
announces that the joint venture partners in respect of the
Orinduik Block offshore Guyana (the "JV Partners") have
successfully entered into the First Renewal Period of the Orinduik
Petroleum Prospecting License initially signed on 14 January 2016
with the Government of Guyana (the "Orinduik Petroleum Agreement"),
with the associated notice having now been approved and signed by
the Department of Energy of the Government of Guyana ("DOE") (the
"First Renewal Period").
The DOE has also provided final approval for the transfer of the
Total E&P Guyana B.V. 25% working interest ("WI") in the
Orinduik Petroleum Agreement to a new company jointly owned by
Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely
TOQAP Guyana B.V. ("TOQAP"). Accordingly, the JV Partners now
comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (Operator, 60%
WI) and TOQAP (25% WI).
The First Renewal Period sees the JV Partners maintain control
of the licence through to 13 January 2023 and until the second
renewal period.
Colin Kinley, COO and Co-Founder of Eco Atlantic commented :
"We very much appreciate the Government of Guyana's continued
support of our exploration and expanding partnership on the
Orinduik Block. As a group, the JV Partners continue with advanced
reprocessing of the geophysical data, in combination with the
additional information obtained from regional drilling results, and
further evaluation of the Joe and Jethro discoveries. The
partnership is focused on its multiple light sweet oil prospects on
the Orinduik Block, and we are high-grading candidates for the next
drilling program, with the Operator expected to select targets
later this year. We will update the market on further drilling
plans in due course on our opportunity and prospects in this
prolific oil basin."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Marketing and +44(0)781 729 5070 | +1 (416)
IR 318 8272
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Hannam & Partners (Research Advisor)
Neil Passmore +44 (0) 20 7905 8500
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 quoted 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
TOQAP (25%) and Operator 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
ExxonMobil Operated Stabroek Block, on which eighteen discoveries
have been announced and over 9 Billion BOE of oil equivalent
recoverable resources are estimated. First oil production commenced
in December 2019 from the deep-water Liza Field, less than three
years from FID.
Jethro-1 was the first major oil discovery on Orinduik Block.
The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality
oil pay in excellent Lower Tertiary sandstone reservoirs which
further proves recoverable oil resources. Joe-1 is the second
discovery on the Orinduik Block and comprises high quality
oil-bearing sandstone reservoir with a high porosity of Upper
Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of
continuous thick sandstone which further proves the presence of
recoverable oil resources.
In Namibia, the Company holds interests in four offshore
petroleum licenses totalling approximately 28,593km2 with over
2.362bboe of prospective P50 resources in the Walvis Basin. These
four licenses, 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).
Eco Atlantic is a 70% shareholder in Solear Ltd., alongside
Nepcoe Capital Partners Ltd., a renewable energy developer and
investment company, that own the remaining 30%. Solear is a private
clean energy investment company focused on low cost, high yield
solar development projects. Solear offers investors exposure to a
large primarily European portfolio of pre-construction
opportunities across the renewable energy value chain, from
Ready-to-Build to early-stage development.
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END
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