11th Sep 2018 16:14
LONDON (Alliance News) - Eco Atlantic Oil & Gas Ltd said Tuesday a competent persons report has been prepared for its 40% owned offshore Orinduik Block in Guyana
Tullow Oil PLC owns the remaining 60% of the block.
The report, compiled by Gustavson Associates LLC, said the best estimate for oil in place at the Orinduik Block is 9.26 billion barrels of oil. With a low estimate of 4.94 billion barrels of oil and a high estimate of 16.17 billion barrels of oil.
Prospective oil resources at the block had a best estimate of 2.51 billion barrels of oil. With a low estimate of 1.31 billion barrels and a high estimate of 4.47 billion barrels.
Eco's 40% working interest means it has access to 941.9 million barrels of prospective oil at best estimate.
Co-Founder and Chief Operating Officer Colin Kinley said: "Today's competent persons report confirms the high prospectivity of our Orinduik Block. We are delighted by the identification of at least ten exploration leads with close to 3 billion barrels of recoverable oil potential, confirmed by Gustavson.
"Three of the targets we have identified have estimated probability of success calculated at 22.4% at this stage This risking is extremely good for any company on a single lead, let alone three. We continue to derisk the play and are approaching this with a conservative and focused approach. As our partner Tullow announced last week, we are planning to drill our first well early in the third quarter of 2019 and we are in the process of permitting and engineering in parallel with continuing geophysical and geological assessments."
Shares in Eco Atlantic Oil & Gas were up 0.9% at 47.40 pence each.
Related Shares:
Tullow Oil