A junior partner in the Guyana basin says prospects in the offshore acreage remain highly favourable with the eastern section of the 1800km2 Orinduik Block set to potentially deliver significant volumes, the biggest yet outside of the prolific Stabroek Block.
The Orinduik Block is situated in shallow water (70 – 1,400m), 170 km offshore Guyana and is located 11km up-dip from ExxonMobil’s Liza discovery and 6 km up-dip from the Hammerhead discovery.
In an update on its results for the six months ended September 30, 2021, Eco Atlantic oil & Gas said it remains funded for further anticipated drilling on the Orinduik Block and continues, with its JV Partners, to assess all opportunities available to drill at least one exploration well into the light oil cretaceous stacked targets after the target selection process is finalised.
“Eco continues to firmly believe that Orinduik offers significant upside, with the eastern section of the Block closer to the established Liza oil trend than any other Block offshore Guyana,” the company said. “The partnership is focused on the careful selection of locations and is able to drill a number of stacked or multiple target sections targeting light oil.”
Eco said Guyana continues to be one of the most prolific exploration regions in the world, with over ten billion barrels of oil discovered in the last six years.
Eco said along with its JV partners, the explorers have already delivered two substantial oil discoveries on the Orinduik Block and the Block continues to offer significant upside potential.
Eco holds a 15% working interest in Orinduik, Tullow Oil holds 60% and TOQAP holds 25%. TOQAP is company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%).
JHI Associates, a private company, holds a 17.5% Working Interest in the 4,800km2 Canje Block offshore Guyana. The Canje Block is operated by ExxonMobil and is held by Working Interests partners Esso Exploration & Production Guyana Limited (35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).
“We are extremely upbeat about our operational outlook for 2022; in the near-term, we look forward to updating the market on technical results of the Sapote-1 well and updated drilling plans on the Canje Block, and we are confident that our investment in JHI will generate considerable opportunity and value going forward,” Gil Holzman, President and Chief Executive Officer of Eco Atlantic said. “On our Orinduik block we are close to finalising the drilling targets selection process and continue to see substantial prospectivity in the light oil cretaceous section on the Block.”