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Tullow Oil and partners' Orinduik petroleum agreement renewed

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Oilfield Technology,

Eco (Atlantic) Oil & Gas Ltd. has announced that the joint venture (JV) partners in respect of the Orinduik Block offshore Guyana have successfully entered into the First Renewal Period of the Orinduik Petroleum Prospecting License initially signed on 14 January 2016 with the Government of Guyana, with the associated notice having now been approved and signed by the Department of Energy of the Government of Guyana.

The Department of Energy has also provided final approval for the transfer of the Total E&P Guyana B.V. 25% working interest in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely TOQAP Guyana B.V. (TOQAP). Accordingly, the JV partners now comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (operator, 60% WI) and TOQAP (25% WI).

The First Renewal Period sees the JV partners maintain control of the licence through to 13 January 2023 and until the second renewal period.

Colin Kinley, COO and Co-Founder of Eco Atlantic commented: "We very much appreciate the Government of Guyana's continued support of our exploration and expanding partnership on the Orinduik Block. As a group, the JV Partners continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries. The partnership is focused on its multiple light sweet oil prospects on the Orinduik Block, and we are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year. We will update the market on further drilling plans in due course on our opportunity and prospects in this prolific oil basin."

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