Eco Atlantic Oil & Gas commence drilling at Joe-1 well in offshore Guyana
Francesca Morgan
Company News - 2 mins
10:37, 27th August 2019

​​​​Eco Atlantic Oil & Gas (ECO) FOLLOW, the oil and gas exploration company, announced on Tuesday that it had commenced drilling at their second exploration well, the Joe prospect, on the Orinduik block in offshore Guyana. 

A Tertiary feature on the northern part of the Orinduik Block, the Joe-1 Well is the second of Eco's two-well drill programme in Guyana for this year. 

Joe was spud on Sunday using the Stena Forth drillship, the company told investors -- the drillship had drilled the recently announced Jethro discovery, a major oil discovery on Orinduik Block and a previous well in the programme. 

Colin Kinley, Chief Operating Officer and Co-founder, explained the status of the two wells alongside each other, commenting: 

“After the discovery made on Jethro in the Lower Tertiary, which greatly de-risked that age section throughout the block, we are now moving to an Upper Tertiary target in the Joe prospect where we are targeting over 100mmboe.”

Eco, alongside its partners, Tullow Guyana B.V. and Total E&P Guyana B.V., have estimated a period of three weeks for the well to be fully drilled. 

Mr Kinley went on to say, “If a further discovery is made, it will further enhance the value of the block with this shallower play. 

The estimated chance of success for Joe is the same as Jethro, although it is a completely different play, and we are confident in our 3D interpretation as we were ahead of the Jethro-1 discovery.”

Earlier this month, Jethro-1 confirmed a major oil discovery at the Orinduik licence which was labelled a “transformational event” by its CEO, Gil Holzman, with the company soon after setting their sights on Joe-1 as their next drilling prospect. 

Mr Kinley added, "We look forward to continued success in our exploration efforts as we move forward to define the plays available to us in all the various geological ages and to develop this block."

Follow the latest News & Updates on Eco Atlantic Oil & Gas: FOLLOW

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Comments
info
Login or register to post comments

Recent Articles
Watchlist