Jul 25, 2019 News
By Kiana Wilburg
Since being awarded the Orinduik Block in 2016, one of the licensed holders, Eco Atlantic, is already enjoying some level of success even before a discovery is made. According to Eco’s CEO, Gil Holzman, the company’s share price has appreciated around 200 percent in just 18 months.
But this is just the beginning of Eco’s good fortune it seems. The CEO has indicated that things are only going to get better since the commencement of drilling activities on the block is expected to attract more investors.
In this regard, Holzman noted that the Stena Forth drill ship is already working on the first well called the Jehtro-Lobe and the results are likely to be published in 40 days. “So we are looking at the middle of August,” Holzman said. He also said that the licence holders of the block, which includes French oil major, Total, will have a better understanding of the block after the results are out.
He further noted that Tullow, the operator for the block, has a very experienced team operating the drill ship and one can certainly looking forward to increasing momentum on the Orinduik block.
Holzman said that a perfect result would naturally be a discovery with a good reservoir for the Jethro. But even if a discovery is not made with Jethro, Holzman noted that the Stena Forth will be moving immediately to the Joe prospect in mid-August. The results for this well are expected in September.
Holzman reminded that the licensed holders anticipate a discovery of approximately 220 million barrels of oil equivalent reserve.
The Eco CEO added, “That is the best estimate but it can be more or less but we understand from the structure of this play (Jethro) that it can open additional series of oil pockets surrounding it, but we will know much more in August.”
Furthermore, Holzman said that while it is doing a two–well programme this year, it is funded for an additional six wells next year and the partners have already identified over a dozen possible targets.
“…But regardless of the results, there is a lot of work to be done,” the CEO concluded.
Just a few months ago, Holzman had disclosed that the entity was able to raise over US$17M which would be used to fund Eco’s share of up to four potential new wells, in addition to the committed Jethro and Joe wells, as well as for general corporate purposes.
Eco Atlantic is traded on the Toronto Stock Exchange and is listed as an oil and gas exploration and production company with interests in Guyana and Namibia where significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam.
In Guyana, Eco Guyana holds a 15 percent working interest alongside Total (25 percent.) and Tullow Oil (60 percent.) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and up dip to the deep-water Liza Field and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead discoveries, recently made by ExxonMobil and Hess Corporation.
The more recent discovery by ExxonMobil and Hess Corporation, Pluma-1, increased the estimate of recoverable resources for the Stabroek Block to more than five billion barrels of oil equivalent, and the latest discoveries at Tilapia-1 and Haimara-1 are expected to further add to that estimate.
In Namibia, the company holds interests in four offshore petroleum licences totaling approximately 22,500km with over 2.3 billion barrels of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).
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