Eco Atlantic and Tullow Oil complete 2,500 km2 3D Seismic Survey Offshore Guyana
Eco (Atlantic) Oil & Gas Ltd. is pleased to announce that Eco Atlantic and its Operating Partner, Tullow Oil, have completed an approximate 2,500 km2 3D seismic survey on the Company’s Orinduik Block offshore the co-operative Republic of Guyana. The 3D Survey was conducted by Schlumberger Guyana Inc. (Western Geco) and has now been completed successfully and on schedule.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% Working Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%. The Orinduik Block is located up dip and just a few kilometers from Exxon’s recent Liza and Payara discoveries confirming, by Exxon’s estimates, between 2.25 and 2.75 billion barrels of recoverable oil. Prior to the 3D Survey the Company and Tullow completed the first phase of exploration, including evaluating all existing and regional 2D data. Following the results of this study and the ongoing regional success, both parties accelerated and significantly increased the originally proposed 1,000 km2 3D survey commitment on the block to circa 2,500 km2, thus the 3D Survey covered the entire block area, fully overlapping current prospective 2D leads and downdip trends. The Company and Tullow will now begin the processing and interpretation of the data. As part of its agreement with Tullow, Tullow carries the Company’s share of the originally proposed 1,000 km2 of the survey, at a cap of US$1.25 million, with the balance of the program funded by both parties on a pro-rata basis.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented: “I am happy to announce the successful completion of this 3D Survey with essentially no technical down time or weather standby, we have had stable seas throughout the survey and full serviceability from the vessel providing us continuous acquisition of high resolution data. Our next immediate steps are to begin processing the data which we will do this fall and the parallel interpretation. Our goal is to evaluate and de-risk our existing leads to better define the reservoir characteristics and define potential drilling targets”.
The survey was undertaken by the Geco Eagle and two supporting vessels, and was expected to be completed within 50 days. Estimated duration 41 days, so several days ahead of plan.