Eco Atlantic, partners to drill Jethro-Lobe well offshore Guyana in May

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Eco (Atlantic) Oil & Gas Ltd. on Wednesday December 5, 2018 announced details of its 2019 drilling programme for Guyana’s offshore Orinduik Block, with the first well – the Jethro-Lobe prospect – being planned for drilling in May 2019.

The initial plan and budget for the first well had been approved by Eco Atlantic, Total E&P Activities Petrolieres and Tullow Guyana B.V. on November 30th, 2018.

The Jethro-Lobe prospect is said to be an Upper Tertiary stratigraphically trapped canyon turbidite and it is estimated to hold 250mmbbl of gross prospective resources with the ‘Chance Of Success’ estimated to be 44%.

The release said that the net cost of first well is estimated at USD$7.6m. The partners are finalising synergies of at least two wells for 2019 drilling.

According to the release the partners have approved the purchase of the necessary long lead items and are currently considering the proposals offered by drilling and service contractors who have offered a firm drilling window within the Partners’ envisaged timeframe and competitive rates.

Eco is fully funded for the 2019 campaign having current cash of over USD $20 million, as announced on 29 November 2018.

The release said that the Jethro-Lobe prospect, which will be drilled from a conventional drill ship, is an Upper Tertiary stratigraphically trapped canyon turbidite in approximately 1,350 meters of water. “The targeted prospect is estimated by the Company to hold 250mmbbl of gross prospective resources and the Chance Of Success is estimated to be 44%,” said the release.

Colin Kinley, Chief Operating Officer of Eco Atlantic commented: “The Jethro-Lobe well is the first well approved by the Partners for 2019. As announced by Tullow, there are a number of high-potential additional drilling candidates that are on the top of the interpretation list. The Partners are currently evaluating the synergies of drilling a second well in this campaign and are assessing rig timing and budget to drill a second candidate. We have a great deal of confidence in the selection of the Jethro-Lobe drill candidate; the Partners are unanimous on the selection of the location, reservoir quality, charge and production characteristics and view this candidate as having a high chance of success and potential for a first discovery.”

He stated further that their confidence was bolstered even further by ExxonMobil’s upgrade of their estimate of the discovered recoverable resource to over 5 billion barrels of oil equivalent on the Stabroek Block. “Further evaluation of previous discoveries in addition to the tenth discovery on the block, Pluma-1, contributed to the upgrade. Each successful well drilled on Stabroek lowers Eco’s risk on Orinduik,” he said.

With regards to the Orinduik Block, Eco holds a 15% working interest, Tullow Oil holds 60% and Total E&P Activités Pétrolières (Total) holds 25%, after exercising an option to acquire part of Eco’s interest in September 2018.

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