Last checked at 5 Sep 2017 10:51
05 September 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")
Eco Atlantic and Tullow Oil complete 2,500 km2 3D Seismic Survey Offshore Guyana
Toronto, September 05, 2017 - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or "Company") (TSX-V:EOG, LSE:ECO) is pleased to announce that Eco Atlantic and its Operating Partner, Tullow Oil ("Tullow"), have completed an approximate 2,500 km2 3D seismic survey on the Company's Orinduik Block ("Orinduik") offshore the Co-operative Republic of Guyana ("3D Survey"). The 3D Survey was conducted by Schlumberger Guyana Inc. (Western Geco) and has now been completed successfully and on schedule.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% Working Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%. The Orinduik Block is located up dip and just a few kilometers from Exxon's recent Liza and Payara discoveries confirming, by Exxon's estimates, between 2.25 and 2.75 billion barrels of recoverable oil. Prior to the 3D Survey the Company and Tullow completed the first phase of exploration, including evaluating all existing and regional 2D data. Following the results of this study and the ongoing regional success, both parties accelerated and significantly increased the originally proposed 1,000 km2 3D survey commitment on the block to circa 2,500 km2, thus the 3D Survey covered the entire block area, fully overlapping current prospective 2D leads and downdip trends. The Company and Tullow will now begin the processing and interpretation of the data. As part of its agreement with Tullow, Tullow carries the Company's share of the originally proposed 1,000 km2 of the survey, at a cap of US$1.25 million, with the balance of the program funded by both parties on a pro-rata basis.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented: "I am happy to announce the successful completion of this 3D Survey with essentially no technical down time or weather standby, we have had stable seas throughout the survey and full serviceability from the vessel providing us continuous acquisition of high resolution data. Our next immediate steps are to begin processing the data which we will do this fall and the parallel interpretation. Our goal is to evaluate and de-risk our existing leads to better define the reservoir characteristics and define potential drilling targets".
For more information, please visit www.ecooilandgas.com or contact the following:
Eco Atlantic Oil and Gas | +1 (416) 250 1955 |
Gil Holzman, CEO Colin Kinley, COO Alan Friedman, VP Finlay Thomson, UK and IR manager |
+44 (0) 7976 248471 |
Strand Hanson Limited (Financial & Nominated Adviser) |
+44 (0) 20 7409 3494 |
James Harris Rory Murphy James Bellman
| |
Brandon Hill Capital Limited (Joint Broker) | +44 (0) 20 3463 5000 |
Alex Walker Jonathan Evans Robert Beenstock
| |
Peterhouse Corporate Finance (Joint Broker) | +44 (0) 20 7469 0930 |
Eran Zucker Duncan Vasey Lucy Williams
| |
Yellow Jersey PR | +44 (0) 7768 537 739 |
Felicity Winkles Harriet Jackson
|
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
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 and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside 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 the deep-water Liza Field, recently discovered by ExxonMobil and Hess, which is estimated to contain as much as 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore petroleum licences totaling approximately 25,000 km2 with over 2.3 billion barrels of prospective P50 resources in the Wallis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners, which include Tullow Oil, AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation have been completed with drilling preparations expected to begin in 2018.