logo-loader
viewEco Atlantic Oil & Gas Ltd

Eco Oil & Gas boosted by Tullow’s plans offshore Namibia and Guyana

As Tullow Oil proceeds with drilling offshore Namibia, Eco Oil & Gas’s adjacent acreage is set for a ‘closeology’ boost. Meanwhile, in Guyana the partners are accelerating work following Exxon’s new discovery nearby.

oil_platform_1.png
Tullow plans to drill a well in neighbouring waters.

Closeology appears to be coming into play for Eco Oil & Gas Ltd (CVE:EOG) as Tullow Oil Plc (LON:TLW), the Canadian company’s  joint venture partner, has green lighted new drilling in an adjacent exploration area.

Tullow now plans to drill an exploration well within Block 037 which, as Eco highlighted in a statement, is located just south of Eco’s 32.5% owned Cooper Block.

Recently Tullow confirmed its full commitment to the plans for exploration within the Cooper Block, with the completion of the interpretation of the recently shot 3D program and to continue its focus on the identified drilling targets, Eco added.

"We are extremely happy with Tullow's decision to enter drilling phase on License 037 and to continue focus their efforts and attention offshore Namibia and especially on our Cooper Block in partnership with AziNam and NAMCOR, said Gil Holzman, chief executive of Eco Atlantic.

“We are very excited by what we are seeing based on the 3D interpretation process and are grateful to Tullow for the reassurance of their Namibian commitment and keen interest in the Walvis Basin."

Eco also told investors that in Guyana, where it is also partnered with Tullow, the larger exploration and production group had also agreed to accelerate the committed work programme for the Orinduik Block.

Tullow is the operator of the block, in which Eco owns a 40% stake.

The evaluation of Orinduik comes after Exxon Mobil’s recent discovery with a well in an adjacent block.  Exxon’s Liza discovery is now being appraised by Exxon, via a second well, which is also located close to the Orinduik block.

Tullow and Eco now intend to fast track 2D seismic reprocessing at Orinduik, and they also plan to start designing a follow up 3D survey once the 2D work is done.

Holzman added: "We are very happy with the decision on acceleration of our joint programme offshore Guyana and are looking forward to the next few months' activities, research, and interpreted results."

Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 21 GBX

AIM:ECO
Market: AIM
Market Cap: £38.79 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Eco Atlantic Oil & Gas Ltd named herein, including the promotion by the Company of Eco Atlantic Oil & Gas Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Eco Atlantic's Gil Holzman discusses boost to Orinduik...

Eco (Atlantic) Oil & Gas Limited's (LON:ECO) Gil Holzman caught up with Proactive London's Andrew Scott to discuss an updated CPR on its Orinduik Block, offshore Guyana. Gross prospective resources are now estimated at 5.14bn barrels on a p50 basis or best basis, which amounts to a net...

on 3/2/20

2 min read