Operational Updates in Guyana

Source: www.gulfoilandgas.com 10/26/2018, Location: South America

Eco (Atlantic) Oil & Gas Ltd. (ECO), the oil and gas exploration company with licenses in highly prospective regions offshore Guyana, announces updates with respect to its operations in Guyana.

Guyana
The partners in the Orinduik Block, offshore Guyana, being Tullow (Operator), Total Petroleum SA, and Eco, are in discussions to accelerate its work programme and to consider adding an additional well in Guyana in 2019. Additional announcements will be made once drilling plans and targets selection are confirmed by the partners.

Interest in the Orinduik is a follows:
Tullow (Operator) -- 60%
Total Petroleum SA - 25%
Eco - 15%
Gil Holzman, CEO of Eco commented:
"We thank Tullow for our four years' carried partnership on the Cooper block and for advancing it through extensive 3D studies, interpretation, and targets selection all the way to now being drill ready. As partners on both sides of the Atlantic, we understand Tullow's drilling budget prioritisation. This reflects a shift in both Tullow's and Eco's priorities towards Guyana. Guyana clearly remains the focus for both partners, as recently announced by senior executives of both companies. The opportunity the companies share on the Orinduik Block in Guyana is outstanding, with much lower near-term risk, following the amazing success of ExxonMobil on the adjacent Stabroek block and our own 3D data interpetation. We expect 2019 to be a significant and defining year for Eco."

Colin Kinley, COO of Eco commented:
"We are discussing the Cooper Block with other potential industry partners, as there are many parties currently seeking additional opportunities in the Walvis Basin as Exxon, Total, and the other majors are now moving into the area as exploration matures. Indeed, although unfortunate for Tullow, the company's recent Cormorant dry hole further proved the existence of a working source rock. Our increased interest in the Cooper Block, which is defined as having P50 Prospective oil of over 800 million barrels, is the opening of a new door with paid up exploration operations and permitting in place. Eco has three and a half years to drill on Cooper, providing us with ample time to put in place a new partnership prior to drilling. We are continuously in discussions with associates and partners in the region, so prior to drilling we intend to farm down part of the 57.5% interest which we now have.

"Tullow remains a fantastic partner for Eco in Guyana, where we are well advanced, with Total entering the block there most recently. The 2.9 billion barrels of oil equivalent that we have defined on the Orinduik block continues to advance with all of the Exxon discoveries, ongoing development drilling, and our continued interpretation of the extensive seismic data. We are extremely confident in what we have there and our selective and focused exploration approach, with two of the world's best exploration teams from Tullow and Total working with us, the prospect of a new era for Eco Atlantic."


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