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Wednesday, March 3, 2021

Eco fully funded, drill-ready to pursue light oil prospects at Orinduik

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Eco Atlantic Oil & Gas, junior partner at the Orinduik Block offshore Guyana, says it is drill-ready and fully funded to pursue additional prospects on the block as the search for high quality hydrocarbons continue.

In 2019 the company drilled two successful wells in Guyana with both delivering heavy oil pay resources.

An independent report has certified that the block contains over 5 billion barrels of prospective best estimate resources.

“Preparation with block partners for 2020 or 2021 drilling programmes targeting light oil prospects are underway. Eco is drill-ready and fully funded for its share of the cost,” the company said in a recent promotional video.

Eco holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin.

“We are confident that 2020 will be another exciting and busy year for Eco as we are pushing to make progress in both our Guyana and Namibia operations, and we look forward to updating our shareholders on progress in due course,” Gil Holzman, President and CEO of Eco Atlantic, recently stated.

The Orinduik Block is adjacent and updip to ExxonMobil and Hess Corporation’s Stabroek Block, on which 16 discoveries have been made and over 8 billion of oil equivalent recoverable resources are estimated.

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