Eco (Atlantic) Oil and Gas has confirmed that Eco Atlantic and its Operating Partner Tullow Oil have commenced a 2,550 km2 seismic survey on the Company’s Orinduik Block offshore the Co-operative Republic of Guyana.
The survey is being conducted by Schlumberger Guyana Inc. (Western Geco) using R/V GECO Eagle and two supporting vessels, and is expected to be completed within 50 days following which the results will be interpreted before an announcement is published.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented: “As previously announced and planned, we are excited to commence this significant 3D survey, which is substantially greater than the committed survey. In addition to further defining and de-risking the existing leads, the survey will hopefully better define potential drilling targets and determine the scale of the resource on the Orinduik Block. We look forward to processing the data and beginning to understand results in the fourth quarter of this year.” Link
The United States Geological Survey ranks the Guyana-Suriname basin as the world’s second-most prospective, underexplored offshore basin, with an estimated 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas yet to be discovered.
It is in this basin that Eco Atlantic holds a 40% working interest in a significant licence, which is just 6.5 km from ExxonMobil’s world class Liza oil discovery.
ExxonMobil and Hess recently confirmed that the deep-water Liza Field is officially the largest commercial find in South America in 50 years and holds an estimated 1 billion to 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. The Liza Field is adjacent to Eco Atlantic’s Orinduik Block.
Licence Overview – Orinduik Block
In January 2016, Eco Atlantic signed a Petroleum Agreement and is party to an Offshore Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block offshore Guyana. The 1800 km² Orinduik block is situated in shallow water, 170 km offshore Guyana in the Suriname Guyana basin, and is located 6.5 km from the recent Exxon Mobil Liza discoveries.
Eco has a 40% working interest and Tullow Oil has a 60% working interest. Tullow Oil will be the operator and will pay Eco Atlantic US$0.4m and fully carry Eco Atlantic for approximately C$3m of the 2D and 3D survey for an initial 4 years work commitment. Details of the work programme are in the table below.