Eco Atlantic sees 'significant' oil increase at the Orinduik Block
In a new competent persons report, the company outlined that gross prospective resources were now estimated at 5,141m barrels of oil from a previously estimated 3,981m barrels recorded in March 2019.
22 prospects were identified on the Orinduik Block, of which the company owns a 15% working interest in, including 11 leads in the Upper Cretaceous horizon, the statement detailed.
Oil in the cretaceous pathway is expected to be lighter than heavy oil recently discovered in the Tertiary section, “greatly” enhancing the group’s confidence in the prospect, said Co-founder and COO, Colin Kinley.
The majority of the project leads have over 30% chance of success, or greater, the company noted.
Shares in Eco Atlantic Oil & Gas were trading 3.57% at 43.5p on Monday morning.
Leads in the Tertiary aged section are estimated to contain 1.2bn barrels of oil equivalent, whilst the Cretaceous section holds an estimated 3.9bn barrels with two targets, Amaila/Kumaka and Iatuk-D, containing in excess of 725m barrels each.
Kinley said the Cretaceous pathway of lighter weight oils confirmed the company’s theory and interpretation of transmission of high-quality oil across the prospect.
“The understanding of our resources has gained strength and momentum with the discoveries we made in the Tertiary last summer and the recent discovery of light oil in Carapa-1, made on the Kanuku block to the south of us,” said Kinley.
He added: “We have seen a growth of the overall oil numbers with the thickness of section and a greater understanding of the areal extent and thicknesses of our sands.
Our confidence in the play continues and was greatly enhanced with the now proven light oil in the Cretaceous section immediately to the south.”
Eco, alongside its JV partners in the Orinduik Block, Tullow oil and Total, will hold an operations committee meeting in early February to evaluate drilling results, potential targets and finances, this morning’s statement added.
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