Thursday, October 28, 2021

Eco ‘excited’ about Sapote-1 campaign, hoping results mirror mega discoveries at Stabroek

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In approximately 60 days results from the Sapote-1 drill campaign are expected to begin coming in and Eco (Atlantic) Oil & Gas Ltd., which holds an indirect interest in the Canje block, says it is excited and hopeful of a positive outcome.

Sapote-1 is located in the southeastern part of the Canje block, about 50 km north of the Haimara discovery in the Stabroek block. The well is about 225 km northeast of Georgetown and is being drilled to a depth of 2,550 meters by the Stena DrillMAX.

“Other drilling targets in the region have made significant discoveries and are now excited about the potential of the Sapote-1 well, with billions of barrels of oil and oil equivalent, and will soon receive the results of the well,” said Gil Holzman, President and Chief Executive Officer of Eco Atlantic.

Holzman said Eco is also looking forward to the next exploration campaign in the Orinduik block adjacent to the basin and the possibility of follow-through of ExxonMobil’s recently announced multiple well pre-permissions in the Canje block next year.

ExxonMobil, operator at the Canje block, has applied to Guyana’s Environmental Protection Agency for Environmental Authorisation to undertake a major 12-well drill campaign at Canje block.

“We want to achieve successful drilling,” Holzman said. “We are entering a very busy period of drilling and updating drilling plans and will market the Orinduik block progress and Sapote-1 results within the next few months. I’m looking forward to updating.” Eco holds a 15% working interest in the Orinduik block.

The Canje block is operated by ExxonMobil (35%) along with partners TotalEnergies E&P Guyana BV (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Co., Ltd. (12.5%).

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