By Kiana Wilburg
The Jethro-1 discovery that was made on the Orinduik Block last week by Tullow Oil and its partners is enormous enough to be a standalone production well. This was recently noted by Chief Executive Officer (CEO) of Eco Atlantic, Gil Holzman during an interview with Proactive Investors, a leading international source of financial analysis and share price data.
Holzman noted that the quality and porosity of the Jethro sandstone certainly boasts the confidence of investors as it is soaked entirely in oil. Further to this, Holzman said that the discovery gives the technical team more confidence about the channel that leads from Jehtro which appears to be large too.
The CEO said, “The well has been capped and cased…This is only the beginning. Once a discovery is made, you are able to better understand the play and pin point where the oil is really accumulated.”
In light of the discovery, Holzman was asked how long he foresees his team being here, since he had initially stated that his company does not intend to stay for years on end. But the CEO did not commit to any timeline. He reminded that Eco and Tullow are the original partners of the block and there are several plays which have to be explored. Holzman said that the discovery has now put his company on the radar of almost every international financial institution and so he will see how things unfold.
He further stated that based on his information from Tullow Oil, production for the Jehtro well can be up and running at a very fast rate if they decided to.
“We will go back to our board and we make decisions with only one interest in mind, that is, creating the best shareholder value for our investors. This is only one discovery and it opens the door to more on a prospective block that holds about 4B barrels of oil. This is only the beginning and I think we will become a big company in time…”
ORINDUIK JV PARTNERS
In January 2016, Eco signed a Petroleum Agreement and is party to a Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block offshore Guyana.
Tullow Oil as the Operator of the Block, paid past costs and carried Eco for the first 1000km2 of the 2550km2 3D Survey. Further, Tullow contributed an extensive 2D seismic data set and interpretation.
The Company’s 2550 km2 3D seismic survey was completed in September 2017, well within the initial four-year work commitment the Company made for the initial 1000km2.
In September 2017, Eco announced that its subsidiary, Eco Atlantic (Guyana) Inc. entered into an option agreement on its Orinduik Block with Total, a wholly owned subsidiary of Total S.A. Pursuant to the option.
Total paid an option fee of US$1 million to farm-in to the Orinduik Block. An additional payment of US$12,500,000 was made when Total exercised its option to earn 25 percent of Eco’s working interest in September 2018.
Following the exercise of the option by Total, the Block’s working interests became: Tullow – 60% (Operator), Total – 25% and Eco – 15%. In October, last, the Government approved of the Total farm-in on the Orinduik Block, which has the potential for almost three billion barrels of oil equivalent.
Just a few days ago however, Total sold 10 percent of its interest in the Orinduik Block to Qatar Petroleum. The government is still to grant approval for this farm-in by Qatar.
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