Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) said on Thursday that interpretation and processing of its 3D seismic survey on the Orinduik Block is nearing completion.
The Company said it is has received the Pre-Stack Depth Migration (“PSDM”) data and next week will receive the conditioned PSDM stacks from Tullow Oil. All the data that was received to date has already been delivered to Total and Eco anticipates that the final batch of data will be delivered to Total E&P Activitiés Pétrolières for analysis in the coming weeks, with the final report expected to be delivered in August.
Eco (Atlantic) Oil & Gas Ltd. said it is extremely pleased with the processing product and the definition of the leads earlier established now beginning to define potential targets. The block has a clearly established set of cretaceous channel and fan systems that has clearly been proven prolific through the basin. The work on understanding these systems is being led by the Tullow team, who has extensive proven experience in Ghana and other similar plays on the Atlantic Margin, the company stated.
Eco’s partners on the Orinduik Block have also this week approved the commencement of the drilling engineering and environmental permitting process required for drilling the Orinduik Block.
Under the terms of the Total option agreement announced on September 26, 2017, Total will have a period of 120 days to exercise its option to acquire a 25% working interest in the Orinduik Block from Eco Guyana upon final delivery of the final 3D seismic survey data report.