Tuesday, December 18, 2018

Eco Atlantic Okays Offshore Guyana Drilling Program

December 5, 2018

Image: Eco Atlantic Oil & Gas
Image: Eco Atlantic Oil & Gas

The oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, Eco Atlantic Oil & Gas announced its drilling plans for 2019 on the Orinduik Block, offshore Guyana.

The Canadian company has confirmed that it will drill at least one exploration well offshore Guyana in 2019, with the drilling of the Jethro-Lobe prospect slated for ‘late May / early June’.

The net cost of the first well, named the Jethro-Lobe prospect, is expected to be USD7.6 million, which is located 170 kilometres offshore in the Suriname Guyana basin.

Eco Atlantic's partners on the Orinduik block - Total SA and, the operator, Tullow Oil PLC - approved the plan, which will be the first well of at least two drilling well campaigns.

The prospect, described as “an Upper Tertiary stratigraphically trapped canyon turbidite”, is estimated to host a potential 250mln barrels of crude resources and it is situated in 1,350 metres of water and will be executed using a conventional drill ship.

Colin Kinley, Chief Operating Officer of Eco Atlantic said: "The Jethro-Lobe well is the first well approved by the Partners for 2019. As announced by Tullow, there are a number of high-potential additional drilling candidates that are on the top of the interpretation list."

"The Partners are currently evaluating the synergies of drilling a second well in this campaign and are assessing rig timing and budget to drill a second candidate. We have a great deal of confidence in the selection of the Jethro-Lobe drill candidate; the Partners are unanimous on the selection of the location, reservoir quality, charge and production characteristics and view this candidate as having a high chance of success and potential for a first discovery," he added.

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