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(Alliance News) - Eco Atlantic Oil & Gas Ltd on Monday said it has received an updated competent persons report on the Orinduik block, offshore Guyana.
The AIM-listed exploration company said the report showed an increase in gross prospective resources to 5.14 billion barrels of crude oil equivalent, of which 771 million barrels are net to Eco, from the previous estimate of 3.98 billion barrels of crude oil equivalent
In addition, the company said 22 prospects were identified on Orinduik block, including 11 leads in the Upper Cretaceous horizon. The majority of these project leads have over a 30% or better chance of success, Eco noted.
Looking ahead, the joint venture partners in the Orinduik block - Tullow Guyana BV and Total E&P Guyana BV, along with Eco - have an operations committee meeting scheduled in early February 2020, the company said, to evaluate recent drilling results, define drilling targets, and consider the budgets and dates for future drilling.
"We have seen a growth of the overall oil numbers with the thickness of section and a greater understanding of the areal extent and thicknesses of our sands," said Eco Co-Founder & Chief Operating Officer Colin Kinley.
He added: "We have strong partners in Eco and on the block, so as we define our targets, we are well funded and are considering our options to drill as soon as practically possible."
Eco shares were trading 1.4% higher in London on Monday at 42.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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