TIDMECO
RNS Number : 1090K
Eco (Atlantic) Oil and Gas Ltd.
31 August 2021
31 August 2021
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Spud of Sapote-1 well, 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 of Namibia, is
pleased to announce that the Sapote-1 well on the Canje Block,
offshore Guyana has been spudded.
Eco was officially informed today by its investee company, JHI
Associates Inc. ("JHI"), about the spudding of the well. The
Sapote-1 well is designed to test Upper Cretaceous reservoirs in a
stratigraphic trap. Drilling of the well is expected to take up to
60 days. The well is approximately 225 km northeast of Georgetown
in 2,550 meters of water and is being drilled with the Stena
DrillMax drillship.
Eco holds an indirect interest in the Canje Block as a result of
its transaction to acquire up to 10% interest in JHI, and JHI is
fully funded for the ongoing program on the Canje Block, including
for the Sapote-1 well and any additional potential wells considered
for this year.
The Sapote-1 prospect is located in the south eastern section of
Canje, approximately 50 km north of the Haimara discovery in the
Stabroek Block which encountered 207 feet (63 meters) of
high-quality, gas-condensate bearing sandstone reservoir and
approximately 60 km northwest of the Maka Central discovery in
Block 58 which encountered 164 feet (50 meters) of high-quality,
oil-bearing sandstone reservoir.
The Canje Block is operated by ExxonMobil and is held by Working
Interests partners Esso Exploration & Production Guyana Limited
(35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates
(BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).
Gil Holzman, President and Chief Executive Officer of Eco
Atlantic, commented:
"With other drilling targets in the region having yielded
significant discoveries, now totalling billions of barrels of oil
and oil equivalent, we are excited about the potential of the
Sapote-1 well and look forward to receiving the well results in due
course. We also are keen to deliver additional drilling success
with our next exploration campaign on our neighbouring Orinduik
block in the Basin and the follow-through potential of Exxonmobil's
recently announced multiple well pre-permitting on the Canje Block
next year. We are entering a very busy period of drilling and
updating drilling plans and we look forward to updating the market
in the coming months on our progress of the Orinduik Block and on
the Sapote-1 results."
**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
Ollie Mills
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 Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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.
In Guyana, Eco Guyana holds a 15% Working Interest alongside
TOQAP Guyana B.V. ("TOQAP") a company jointly owned by
TotalEnergies E&P Guyana B.V. (60%) and Qatar Petroleum (40%)
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 twenty discoveries have been announced and
over 9 billion BOE recoverable resources are estimated. On 28 June
2021, Eco acquired a 6.4% interest, with the option to increase its
stake to 10%, in JHI Associates Inc. a private company which holds
a 17.5% WI in the 4,800km(2) Canje Block. The Canje Block is
operated by ExxonMobil and is held by Working Interests partners
Esso Exploration & Production Guyana Limited (35%), with
TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc.
(17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).
Jethro-1 was the first major oil discovery on Orinduik Block.
The Jethro-1 encountered 180.5 feet (55 meters) of net heavy oil
pay in excellent Lower Tertiary sandstone reservoirs. Joe-1 was the
second discovery on the Orinduik Block and comprised of 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.
In Namibia, the Company holds interests in four offshore
petroleum licences totalling approximately 28,593km(2) with over
2.362bboe of prospective P50 resources in the Walvis Basin. These
four licences, Cooper, Guy, Sharon, and Tamar are being explored
with industry partners with Eco Operating and maintaining an
average 60% Working Interest. Eco has been granted a drilling
permit on its Cooper Block (Operator).
Eco Atlantic is a 70% shareholder in Solear Ltd., Solear is an
independent private clean energy investment company focused on low
cost, high yield solar development projects in southern Europe.
Solear offers investors exposure to a portfolio of pre-construction
opportunities across the renewable energy value chain, from
Ready-to-Build to early-stage development.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBIGDIBSXDGBG
(END) Dow Jones Newswires
August 31, 2021 02:00 ET (06:00 GMT)
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From Apr 2023 to Apr 2024
