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Eco Atlantic Oil & Gas upbeat as Guyana seismic interpretation work continues

Published: 02:56 19 Apr 2018 EDT

oil and gas operations
Eco is partnered with Tullow and Total

Eco Atlantic Oil & Gas Ltd (LON:ECO) has updated investors as work continues on recently acquired data from a 3D seismic exploration programme, which spanned some 2,550 square kilometres in the Orinduik block offshore Guyana.

The company told investors that it has received the latest set of deliverables from the survey, the data is being shared between the joint venture partners (Tullow Oil and Total), and the final result is expected to be made available once its completed.

The AIM-quoted explorer describes itself as “very encouraged” by the quality of the data and interpretations to date. It added that the work has firmed up the previously outlined targets and has identified new potentially sizeable structures.

At the same time, consultant Gustavson Associates is also being interpreted as part of an exercise to produce an independent resource report.

READ: Eco Atlantic Oil & Gas growing in confidence as Exxon hits another Guyana discovery

Colin Kinley, Eco chief operating officer, said: “The company has the benefit of a significant 2D data set that ties into areas of the recent Exxon discoveries offshore Guyana, which are now estimated to exceed 3.2 billion barrels.

“This data ties back into our recently acquired 3D seismic and that has allowed us to better track the age and the quality of the sands and mechanisms that create the hydrocarbon traps.”

He also highlighted that the exercise benefits from the recent nearby discoveries made by Exxon.

“We interpret the charge from the source rock migrating up-dip and being trapped at various locations on the foreslope which is supported with each Exxon discovery downdip of us,” Kinley said.

“This in turn, is giving us a better understanding of the features that allow those same hydrocarbons to feed up into the channel and fan systems on our block.”

He added: "Results to date have led the company to draw initial interpretations of the thickness and quality of sands which appear to be very promising. 

“We are seeing many more interesting features and targets across the Orinduik Block.

“Given these results and the need for a more expanded and detailed interpretation, we have taken longer than we originally envisaged to complete the processing with good merit.

“The existence of multiple exploration targets on the block will be very significant, not only in the resource numbers, but also in the economics of this shallow water play, in terms of both drilling and potential development for our partnership, and for Guyana.”

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