The Toronto Stock Exchange was recently informed that Gil Holzman, Chief Executive Officer and a Director of Eco Atlantic, has acquired 33,865 common shares in the Company at a price of 148p per share.
Guyana Standard understands that following the share purchase, Holzman is now beneficially interested in, in aggregate, 8,281,259 common shares representing approximately 4.5 percent of the company’s issued share capital.
The move by Holzman follows the back to back discoveries ECo it would have made with its partners, Tullow Oil (operator) and Total on the Orinduik Block.
It was on August 12, 2019, that Eco had announced its major oil discovery at the Jethro-1 exploration well which was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first discovery on the Guyana License and comprises high-quality oil-bearing sandstone reservoir of Lower Tertiary age. It also encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs that support recoverable oil resources. The well was cased and is awaiting further evaluation to determine the appropriate appraisal activity.
Following the completion of the Jethro-1 well, the Stena Forth drillship moved to the next oil target which was at the Joe-1 well located in a shallower target. It was successful in its efforts and appraisal results are expected before year-end.
