Friday, September 29, 2023

No decision yet on next Orinduik Block well, but analysts expect Amatuk

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Eco Atlantic’s recent financial report indicates that the partners responsible for developing the Orinduik Block offshore Guyana, have not decided on their 2023 target.

Eco Atlantic said they continue to work towards identifying the optimal drilling target at the Tullow operated area, with plans to drill at least one well into a light oil Cretaceous target in the next 12 – 18 months.

President and Chief Executive Officer of Eco Atlantic, Gil Holzman, said Guyana continues to yield sizeable discoveries, and Eco is seeing unprecedented levels of interest for exploration assets in the region. The company said it is working to unlock the potential of the Orinduik Block as fast as practically possible. Eco is fully funded for its share of the exploration expense.

Analysts at S&P Global expect the Amatuk prospect to be the next exploration target. The firm named Amatuk in its high impact drilling outlook for 2023.

The most recent public estimate for Amatuk is from a 2020 competent person report by Gustavson Associates, placing it at 267.3 million oil-equivalent barrels and a 28.8% probability of success.

The Orinduik Block lies 170 kilometres (km) offshore. Tullow owns 60% operating interest, while Eco-Atlantic has 15% working interest and TotalEnergies/Qatar Energy JV has 25%.

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