Eco Atlantic hopes to mirror Exxon’s Guyana success

Following ExxonMobil’s announcement on Thursday of yet another oil discovery offshore Guyana, a company with acreage close to Exxon’s hopes to mirror the Texan firm’s success.

Eco Atlantic, an oil and gas exploration company with licences in Guyana and Namibia, said it noted ExxonMobil’s statement on oil discovery in Guyana on its Snoek well, of 82 feet of high quality oil ­bearing sandstone reservoir on the Stabroek Block, just 5 miles southeast of the Liza 1 discovery “and in very close proximity to Eco Atlantic’s 1,800 km2 Orinduik Block.”

The company said it continued its enhanced work programme on the Orinduik Block in partnership with Tullow and will update the market in due course on developments in respect of its ongoing operations in Guyana.

Gil Holzman, Eco Atlantic’s CEO, commented; “This third significant discovery by ExxonMobil in addition to Liza and Payara, further cements Guyana’s position as one of the most exciting oil and gas exploration jurisdictions in the world right now. The new “Snoek” discovery on the Stabroek Block on an adjacent field to our Orinduik Block is extremely encouraging and augurs well for Eco’s prospectivity in  the area. Such developments merely reinforce the Board’s growing conviction that Eco­Atlantic’s collection of international oil and gas prospects represents a significant, potentially world­ class portfolio.”

Eco Atlantic has a 40 percent interest in the Orinduik Block. Tullow is the operator, with a 60 percent stake.

According to data found on Tullow’s website, the company is planning to acquire 3D seismic data over the offshore Orinduik licence, awarded in 2016, and Kanuku licence which are located up-dip of ExxonMobil’s Liza oil discovery.

These programs are expected to cover up to 6,000 sq km and will enable evaluation of attractive leads mapped on existing 2D seismic data, Tullow has said.

 

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