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(Alliance News) - Eco Atlantic Oil & Gas Ltd on Tuesday said joint venture partners have agreed to enter the next exploration phase of the Orinduik petroleum agreement.
The joint venture partners are Eco Atlantic, which holds 15% working interest, Tullow Guyana BV, which is an operator and has 60% stake, and Total E&P Guyana BV, holding the reminder. Tullow Guyana is part of Tullow Oil PLC and Total E&P Guyana part of Total SA.
The new exploration phase, which is expected to start from January 14 next year, will see the joint venture partners maintain control of the licence for a further three years, through to mid-January 2023.
Eco Atlantic said the work completed by the joint venture partners on the Orinduik block to date - including the completion of a 2,550 square kilometres 3D seismic programme in 2017 and the drilling of two exploration wells - has exceeded all of the original license commitments.
"We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 billion barrels of oil," said Eco Atlantic President & Chief Executive Gil Holzman.
"As we look to next year, we will continue to work closely with all our stakeholders, including our host Governments and the JV Partners, to determine the budget and drilling programme for 2020," added Holzman.
Eco Atlantic shares were trading 0.2% lower in London on Tuesday at 43.90 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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