In spite of the depressed economic climate, Canadian exploration firm, Eco Atlantic Oil and Gas Limited, was pleased to announce that it is fully funded for further drilling on its Orinduik block offshore Guyana.
In its latest financial statements, the company said that it’s two other partners on the block, Tullow and Total, have agreed to assess all opportunities available to drill at least two exploration wells into the light oil cretaceous targets as soon as practical. Eco sought to stress that it is fully aligned with its partners on careful target selection based on the reprocessed 3D seismic data.
In Guyana, Eco Guyana holds a 15% Working Interest alongside Total (25%) and Operator Tullow Oil (60%) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to ExxonMobil Operated Stabroek Block, on which eighteen discoveries have been announced and over 9 Billion barrels of oil equivalent resources of oil equivalent recoverable resources are estimated.
Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age.
The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.
The Orinduik JV partners are Eco Atlantic (15% working interest (“WI”)), Tullow Guyana B.V. (“Tullow”) (Operator, 60% WI) and Total E&P Guyana B.V. (“Total”) (25% WI) in partnership with Qatar Petroleum (government approval is expected imminently).
