About Eco Atlantic:14 Aug 2019 09:34
Eco Atlantic is a TSX-V and AIM listed 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 Total (25%) and Tullow Oil (60%) in the
1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The
Orinduik Block is adjacent and updip to ExxonMobil and Hess Corporation's Stabroek Block, on which
thirteen discoveries have been announced and over 6bboe of oil equivalent recoverable resources are
estimated. First oil production is expected from the deep-water Liza Field in 2020.
The Joe prospect is a stratigraphic channel fill and overbank sand body that trends to the northwest
on the northern part of the Orinduik Block in approximately 700 meters of water. It is a Tertiary feature.
The targeted prospect is estimated by Gustavson Associates to hold 148.3mmboe of gross unrisked
prospective oil resources (P50) and the Chance of Success is also estimated to be 43.2%.
In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately
25,000km2 with over 2.3bboe of prospective P50 resources in the Walvis and Lüderitz Basins. These
four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and
NAMCOR. Eco has been granted a drilling permit on its Cooper Block
This is a transformational event for the Company, and we now need to strategically plan for an even
brighter future. With multiple targets to consider, and Joe as the next prospect to be drilled, we will
now pursue our evaluation of the timing for wells to develop the Jethro field and to expediently bring
it on production. We are funded for at least six additional wells.
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