and its Joint Venture Partners and announced on Tuesday it has submitted their notice to the Government of Guyana to enter the next exploration phase of the Orinduik Petroleum Agreement.
The JV Partners completed a 2,550 km2 3D seismic programme in 2017, and drilled two exploration wells Jethro-1 and Joe-1 earlier this year, which Eco said exceeded all of the original required license commitments.
Eco Atlantic holds a 15% working interest in the license, along with JV partner Total who holds a 25% interest, and JV partner Tullow who is the operator and holds a 60% working interest.
The JV partners will have control of the licence for another three years, through to 13 January 2023 before it moves into the second renewal period.
Shares in Eco Atlantic were trading flat at 44p on Tuesday
Gil Holzman, President and CEO of Eco Atlantic, said: "We are very pleased that the JV Partners have unanimously elected to enter into the next phase of exploration and development at the Orinduik Block.”
“We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik Block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 bn barrels of oil (gross unrisked prospective (P50) resource) according to the CPR resource report published in March 2019.”
Mr. Holzman said 2019 was ‘a milestone year for Eco Atlantic’.
He added: “As we look to next year, we will continue to work closely with all our stakeholders, including our host Governments and the JV Partners, to determine the budget and drilling programme for 2020, and we look forward to publishing an updated CPR on Orinduik Block and sharing our upcoming plans on our Namibian and Guyanese licences over the coming months."
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