Aug 24, 2019 News
After making its first successful discovery on the Orinduik Block at the Jethro-1 well, Tullow Oil is preparing to hit its next big target called ‘Joe’ in just a matter of days. The Joe prospect is considered an Upper Tertiary target in water depths of approximately 650 metres.
Providing this update on the partners’ operations was Gil Holzman, President and Chief Executive Officer of Eco-Atlantic.
Holzman noted that Eco was able to end its first financial quarter (which ended June 30, 2019) with a very strong balance sheet. The Eco President said, “It has enabled us to comfortably and successfully drill our first well and announce our first discovery offshore Guyana. This was the first well of our 2019 drilling programme and begins a period of significant exploration activity.”
Holzman added , “The drillship is on its way to our next target in Guyana, Joe-1, where we will, together with our partners Total and Tullow Oil (operator), commence the spudding of our second well in the coming days and expect to have results in second half of September.”
The Eco CEO also said that the year-to-date has been a transformational period for the company. And with a significant oil discovery, a very strong balance sheet and a portfolio rich with prospects and opportunities in both Guyana and Namibia, Eco, he said, looks forward to an exciting future.
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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