Eco (Atlantic) Oil & Gas Ltd. (LSE:ECO) (CVE:EOG) announced that it and operating partner, Tullow Oil plc (LON:TLW) have completed an approximate 2,500 km2 3D seismic survey of the Orinduik Block, offshore the Co-operative Republic of Guyana.
Eco said the 3D Survey was conducted by Schlumberger Guyana Inc. (Western Geco) and has been completed successfully and on schedule.
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.”
He added: “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".
Tullow carries Eco's share of the originally proposed 1,000 km2 of the seismic survey, at a cap of US$1.25mln, with the balance of the expanded program funded by both parties on a pro-rata basis.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% working interest in Orinduik, and Tullow holds the remaining 60%.
The Orinduik Block is just a few kilometers from Exxon Mobil Corp's (NYSE:XOM) recent Liza and Payara discoveries which confirmed, by Exxon's estimates, between 2.25bn and 2.75bn barrels of recoverable oil.