Eco (Atlantic) Oil & Gas had announced in June that the company along with its partner, Tullow Oil, was pursuing “significant reservoir leads” on the Orinduik Block offshore Guyana. OilNOW has since been able to confirm that these leads amount to a potential 1.8 billion barrels of oil.
Two targets are being investigated on the block in water depths of about 70 to 80 meters updip from ExxonMobil’s Liza field.
2D interpretation points to a potential 900 million barrels of oil on each target. They are in the same formation as Exxon, but with shallower drill depths of about 3,000 meters, compared to around 5,000 to 6,000 meters for the US super-major.
Eco said back in June that following the 2D results a decision was made to accelerate and significantly increase the originally proposed 1,000km2 3D survey commitment on the block to circa 2,550 kms2, thus covering the entire block area, fully overlapping current prospective 2D leads and downdip trends.
As part of its agreement, Tullow will carry the Company’s share of the originally proposed 1,000 km2 of the survey, at a cap of US$1.25mm, with the balance of the program being funded by both parties on a pro-rata basis.