31st Aug 2018 10:31
LONDON (Alliance News) - Eco (Atlantic) Oil & Gas Ltd said a recent ExxonMobil Corp oil discovery in Guyana has positive implications for its nearby Orinduik licence.
Shares in the company jumped 8.2% to 38.20 pence on Friday.
The Orinduik boundary is just 7 kilometres from Exxon's Hammerhead-1 oil discovery. Eco Atlantic holds a 40% working interest in Orinduik, with the remaining interest held by Tullow Oil PLC.
"The Hammerhead-1 discovery has now materially de-risked one of the many similar channel systems in our Orinduik block, positively mitigating both reservoir and migration principal risks. The partners confirm that this area has of today been de-risked, and will shortly be in a position to pick the well location for our first well on this licence. We remain on track for drilling mid 2019," said Eco Atlantic.
The oil & gas company's director and chief operating officer, Colin Kinley, also commented on the Exxon discovery.
"Each successful well drilled by Exxon next door lowers our risks here. We have been painstakingly careful and meticulous in our processing quality control and with our interpretation and have shared efforts between our team of experts at Eco, Tullow and Gustavson and now with Total as they consider the exercise of their option. We all are confident in our understanding of these systems and this discovery immediately off board of our eastern border confirms our analysis. We see a number of significant resource opportunities on Orinduik," said Kinley.
Related Shares:
Tullow Oil