(Alliance News) - Eco Atlantic Oil & Gas Ltd said on Thursday said the partners at the Orinduik block in Guyana are planning a 2020 drilling programme.
Eco has a 15% stake in the block, with Ireland's Tullow Oil PLC owning 60% and French oil major Total SA having the rest. Orinduik is in the Suriname-Guyana basin.
The partners made discoveries at both the Jethro and Joe wells at the block earlier in the year, and both were completed on budget, Eco said Thursday.
Now, "multiple" prospects are being reviewed for a 2020 drilling programme. The data from Jethro and Joe is being evaluated to be included in an updated competent persons report.
"With further processing and interpretation of 3D seismic data, now correlated with our two well discoveries, the location of further wells to be drilled in 2020 will be defined within the next few months," said Eco Chief Operating Officer Colin Kinley.
"In addition to geological and geophysical interpretation work, Eco and its joint venture partners have now begun operational budget planning to secure commercially attractive proposals for the timely provision of materials and services required to allow for our drilling program in 2020."
Eco shares were 1.3% lower on Thursday morning in London at 132.25 pence each, though they have more than doubled since August.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Tullow Oil (TLW)
Eco (atlantic) (ECO)