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 and 2.5 billion bbls of recoverable oil. The Company and Tullow have 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 have agreed to accelerate and significantly increase the originally proposed 1000 km2 3D survey commitment on the block to circa 2550 km2, thus covering the entire block area, fully overlapping current prospective 2D leads and downdip trends. As part of its agreement with Tullow, Tullow will carry the Company’s share of the originally proposed 1000 km2 of the survey, at a cap of US$1.25 million, with the balance of the program being funded by both parties on a pro-rata basis. The additional cost of the enhanced seismic program to Eco is well covered by existing cash resources, following the company’s over-subscribed Placing of £5.1 million announced in February 2017 in conjunction with its dual listing on the AIM market of the London Stock Exchange.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented: “As previously announced and planned, we are excited to commence this significant 3D survey, which is substantially greater than the committed survey. In addition to further defining and de-risking the existing leads, the survey will hopefully better define potential drilling targets and determine the scale of the resource on the Orinduik Block. We look forward to processing the data and beginning to understand results in the fourth quarter of this year.”
Read the article online at: https://www.oilfieldtechnology.com/exploration/27072017/eco-atlantic-and-tullow-oil-commence-2550-km2-3d-seismic-survey-offshore-guyana/