5th Jul 2019 09:26
(Alliance News) - Exploration firm Eco Atlantic Oil & Gas Ltd said Friday it has started drilling operations for the first well in the Jethro-Lobe prospect on the Orinduik block, offshore Guyana.
The well was spud on Thursday using the Stena Forth drillship. Eco expects the well to take up to 40 days to be fully drilled.
The Jethro Lobe prospect is part of a two-well programme and will be followed by the drilling of an exploration well on the Joe prospect.
Eco currently holds a 15% working interest in the block. Tullow Oil holds 60% as operator and Total E&P Guyana BV carries a 25% interest.
Looking ahead, Eco is fully funded for its share of up to six potential explorations of development wells on the Orinduik Block.
"Today Eco Atlantic's first Guyana well has been spud, three years ahead of our Petroleum Agreement commitment. This is the start of a hugely exciting time for the company. Jethro Lobe will test the Lower Tertiary aged turbidites, as well drilling down into the Cretaceous. As such, we await the well results with great anticipation, as they will give us an even greater understanding of the geological plays," said Chief Executive Officer Gil Holzman.
Shares in Eco Atlantic Oil & Gas were 2.5% at 74.00 pence on Friday.
Related Shares:
Tullow Oil