logo-loader

Eco (Atlantic) passes on first seismic data from Orinduik to Total

Published: 08:16 21 Feb 2018 GMT

Jack-up rig
Orinduik is in shallow water offshore Guyana

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO CVE:EOG) has forwarded on the first batch of seismic data shot by Tullow Oil (LON:TLW) over the Orinduik field.

French giant Total has an option to take a 25% working interest in Orinduik from Eco for a payment of US$12.5mln.

At present, Eco has a 40% stake in the field, in the shallow waters offshore Guyana, while Tullow has 60%.

WATCH: Exciting time for Eco (Atlantic) as it passes on first seismic data to Total

Eco added it will receive the next phase of 3D inversion data from Tullow shortly and after it passes that on Total will have 120 days to decide whether to take up its option.

Colin Kinley, Eco’s director and chief operating officer, said: "This is an exciting time for Eco, and we are being careful to ensure a comprehensive and conservative interpretation of the Orinduik data as it is being delivered.

“We have a great deal of faith in the quality of seismic data processing by PGS, whom we have used many times in the past.

“Tullow also has a team of leading industry experts who understand the play and are providing an excellent paced and thorough oversight of the data.

“We are sharing the data with Total now, who have worked on projects with Tullow in the past.”

READ: Eco Atlantic Oil & Gas acquires minority interests in Guyana exploration vehicle

Orinduik is next to Exxon’s Stabroek field, where first oil from the Liza discovery is expected by March 2020 and production forecast to increase to in excess of 340,000 bbls/day by 2022.

Eco and Tullow have identified leads on the Orinduik block that they estimate could contain in excess of 1 billion barrels updip of the Liza discoveries, several of which are age equivalent to the Liza reservoir.

In addition, Eco has appointed Gustavson Associates of Colorado to provide independent interpretation services and a CPR under AIM rules and an NI-51-101 report under TSX Guidelines.

“Gustavson have extensive expertise and knowledge of the region and will provide a CPR and NI-51-101 on the block as the interpretation matures.

“Drilling is expected to commence in late 2018 or early 2019 and the potential scale of this resource requires a detailed strategy and confident interpretation."

Eco Atlantic Oil & Gas announces biggest deal to date with Orange Basin farmout

Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) has announced a significant agreement involving a 13.75% participating interest in their Orange Basin Block 3B/4B, with strategic partners TotalEnergies and QatalEnergy. This deal, described as the largest in the company's history, is...

1 week, 6 days ago