Proactiveinvestors United Kingdom Eco Atlantic Oil & Gas Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Eco Atlantic Oil & Gas Ltd RSS feed en Sun, 21 Jul 2019 01:28:05 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Eco Atlantic's Gil Holzman 'proud' as drilling starts on Jethro-Lobe prospect ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/14009/eco-atlantic-s-gil-holzman--proud--as-drilling-starts-on-jethro-lobe-prospect-14009.html Mon, 08 Jul 2019 12:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/14009/eco-atlantic-s-gil-holzman--proud--as-drilling-starts-on-jethro-lobe-prospect-14009.html <![CDATA[News - Eco Atlantic Oil & Gas kicks off Guyana exploration well ]]> https://www.proactiveinvestors.co.uk/companies/news/223416/eco-atlantic-oil--gas-kicks-off-guyana-exploration-well-223416.html Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has told investors that drilling has now started on the Jethro-Lobe prospect within the Orinduik Block.

The explorer, which owns a 15% stake in the project, said the Orinduik partners estimate the well will take up to 40 days to drill.

Jethro-Lobe will be the first of two wells in the envisaged exploration programme, and the second will follow immediately afterwards to test the Joe prospect. Eco highlighted that it is fully funded for its share of up to six potential exploration or development wells on the Orinduik Block.

Pre-spud Jethro Lobe is estimated to have 214.5mln barrels of prospective resources, it is estimated to have a 43.2% chance of success.

"Today Eco Atlantic's first Guyana well has been spud, three years ahead of our petroleum agreement commitment,” said Gil Holzman, Eco chief executive.

“This is the start of a hugely exciting time for the company.

“Jethro Lobe will test the Lower Tertiary aged turbidites, as well drilling down into the Cretaceous.

“As such, we await the well results with great anticipation, as they will give us an even greater understanding of the geological plays.”

Everbody needs good neighbours

Holzman added: "The huge success which ExxonMobil has had on the neighbouring Stabroek Block, has aided our geological assessment of the many similar channel systems in our Orinduik Block.

“With fifteen leads and prospects identified on the Orinduik Block, and funding to drill six potential exploration wells beyond the two currently planned, this is only the start of a fascinating and potentially transformational time for the company."

Orinduik is seen to be an exciting exploration opportunity given its proximity to Exxon’s Stabroek Block which has been a standout frontier success.

Some 5.5bn barrels of crude have been found across thirteen discoveries within Stabroek. Even a fraction of that success in the adjacent Orinduik block would transform AIM-quoted Eco Atlantic.

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Fri, 05 Jul 2019 09:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223416/eco-atlantic-oil--gas-kicks-off-guyana-exploration-well-223416.html
<![CDATA[RNS press release - Jethro-Lobe Spud, Offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190705083832_14138205/ Fri, 05 Jul 2019 08:38:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190705083832_14138205/ <![CDATA[News - Eco Atlantic Oil & Gas counts down to Guyana spud as drill ship is mobilised ]]> https://www.proactiveinvestors.co.uk/companies/news/221757/eco-atlantic-oil--gas-counts-down-to-guyana-spud-as-drill-ship-is-mobilised-221757.html The countdown is on for the start of Eco Atlantic Oil & Gas Ltd’s (LON:ECO, CVE:EOG) high impact exploration drilling campaign offshore Guyana.

Eco, in a statement, told investors that the Stena Forth drillship has now been mobilised and is on its way to Guyana from West Africa.

It is expected to reach Eco's Orinduik Block on or around 24 June, with the spud of the Jethro Lobe exploration well slated for 26 June.

Jethro Lobe will be followed by the a well on the Joe prospect which is located nearby, though Eco noted that the two targets are not contingent – meaning the chance of success at the second well won’t be impacted by the outcome of the first.

WATCH: Eco Atlantic welcomes strong investor support in US$17mln fundraise

Orinduik is seen to be an exciting exploration opportunity given its proximity to Exxon’s Stabroek Block which has been a standout frontier success. Some 5.5bn barrels of crude have been found across thirteen discoveries within Stabroek. Even a fraction of that success in the adjacent Orinduik block would transform AIM-quoted Eco Atlantic.

"Our team, together with Tullow and Total, have comprehensively interpreted the nearly 3,000 square kilometres of 3D seismic data we shot over and beyond Orinduik and have selected the first two targets that we feel will allow us to accelerate the block's development,” said Colin Kinley, Eco’s chief operating officer.

“With the Stena Forth now mobilising westwards to Guyana waters, we are on course to drill a pair of potentially transformational wells for the company, for the block partners, and for Guyana.”

Kinley added: “We understand this play well and we are confident in our interpretation as supported by a relatively high chance of success, estimated at over 40% for both the Jethro and Joe prospect. Whatever the outcome of the two planned wells, we have enough capital for a multi well drilling campaign.

“We know that there are hydrocarbons on the block, and good quality sands like those on Stabroek, therefore the main risks are the quality of the seal and the presence of a trap.”

Crunch time

Eco is partnered with Tullow Oil and Total. The AIM-quoted explorer holds a 15% stake in Orinduik which spans some 1,800 square kilometres of the prospective Suriname-Guyana basin.

Jethro Lobe is estimated to have 214.5mln barrels of prospective resources, it is estimated to have a 43.2% chance of success. The Joe prospect, meanwhile, is estimated at 148.3mln barrels also with a 43.2% chance of success.

Eco noted that it has around US$35mln of cash which, according to Kinley, means the company can afford to participate in up to six additional wells across Orinduik (which presently has up to fifteen identified prospects).

In a note to clients, analysts at SPAngel commented: “Crunch time for Eco, with the first of two wells spudding offshore Guyana before the end of the month. Make or break time for the company.”

Investors were hopeful, pushing the shares price up 1.3% to 77.50p.

 -- Adds analyst comment, share price --

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Mon, 10 Jun 2019 07:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221757/eco-atlantic-oil--gas-counts-down-to-guyana-spud-as-drill-ship-is-mobilised-221757.html
<![CDATA[RNS press release - Stena Forth Mobilised to Orinduik Block, Guyana ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190610070005_14104014/ Mon, 10 Jun 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190610070005_14104014/ <![CDATA[RNS press release - Exercise of Options and Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190517154946_14079012/ Fri, 17 May 2019 15:49:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190517154946_14079012/ <![CDATA[RNS press release - Closing of Fundraising ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190410070004_14035136/ Wed, 10 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190410070004_14035136/ <![CDATA[Media files - Eco Atlantic's Gil Holzman welcomes strong investor interest in US$17mln fundraise ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12908/eco-atlantic-s-gil-holzman-welcomes-strong-investor-interest-in-us17mln-fundraise-12908.html Mon, 08 Apr 2019 11:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12908/eco-atlantic-s-gil-holzman-welcomes-strong-investor-interest-in-us17mln-fundraise-12908.html <![CDATA[News - Eco Atlantic Oil & Gas raises US$17mln in anticipation of expanded drill campaign offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/news/217940/eco-atlantic-oil--gas-raises-us17mln-in-anticipation-of-expanded-drill-campaign-offshore-guyana-217940.html Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has raised US$17mln of new funds to cover its participation in a possible expansion to the exploration drilling campaign offshore Guyana.

It is selling 16.1mln shares to new and existing investors at a price of 80p per share, only a small discount to Wednesday’s closing price of 83.2p. In afternoon trading, shares in Eco Atlantic were only down 0.6% at 83p.

READ: Eco counts down to drilling as second well location is selected

With the injection of cash, Eco told investors it will be able to fund its share of up to four additional exploration or development wells, perhaps indicating confidence among the joint venture partners ahead of the first phase of wells.

A two-well programme was already in the books for this year – targeting the Jethro-Lobe and Joe prospects - and Eco recently described itself as ‘fully funded’ for those wells. The Jethro-Lobe well is slated to spud in June.

It suggests as many as six wells could potentially be drilled in the Orinduik block, should the first phase of results provide sufficient encouragement.

A rapid campaign would somewhat follow the blueprint of Exxon’s neighbouring Stabroek block, where the US major has rapidly drilled and made discoveries in 12 exploration wells since 2015 (unearthing more than 5bn barrels of crude resources).

Eco last month published the findings of a third-party resource assessment, which indicated some 4bn barrels of exploration potential for its Orinduik asset.

Gil Holzman, Eco chief executive, in a statement, highlighted strong support for the new equity raise which was oversubscribed and was backed by major shareholder Africa Oil Corp.

“The level of demand is a reflection of the quality of Eco's acreage and the potentially transformational drilling programme ahead of us starting in 2 months,” Holzman said.

“We are now very strongly funded for a potential development drilling scenario and additional exploration wells on the Orinduik block."

Eco holds a 15% stake in Orinduik, alongside project operator Tullow Oil and Total which own 60% and 25% respectively.

In a note to clients, analysts at SPAngel said: “News that the Company has raised funds ahead of its drilling programme is a sage move as it achieves two things, it allows the Company to be able to look beyond its immediate programme and in undertaking a raise at these levels, and ahead of the first well, it has captured the excitement of what has been one of the most anticipated drilling campaigns in the last two years.”

 -- Adds share price, analyst comment --

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Thu, 04 Apr 2019 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217940/eco-atlantic-oil--gas-raises-us17mln-in-anticipation-of-expanded-drill-campaign-offshore-guyana-217940.html
<![CDATA[RNS press release - Successful Placing and Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190404070011_14028190/ Thu, 04 Apr 2019 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190404070011_14028190/ <![CDATA[News - Eco Atlantic set for “transformational period” as it selects second well location at Orinduik ]]> https://www.proactiveinvestors.co.uk/companies/news/217501/eco-atlantic-set-for-transformational-period-as-it-selects-second-well-location-at-orinduik-217501.html Eco Atlantic Oil & Gas Ltd (LON:ECO) and its partners at the Orinduik Block offshore Guyana have selected the location of the second well of the 2019 drilling programme.

In addition to Eco Atlantic (15%), oil and gas supermajor Total (25%) and the regional arm of FTSE 250-listed Tullow Oil plc (LON:TLW) (60%) also have stakes in Orinduik.

READ: Eco's Guyana prospects' estimated to have 4bn barrels of potential resources

For the second well location, the trio has chosen the Joe prospect which is located in around 650 metres of water.

The Stena Forth drill ship has been contracted to start work at the Jethro-Lobe well – the first well in the programme – with spudding to begin in early June. After that, the ship will move on to Joe and begin drilling in mid-July.

Fully funded for 2019 campaign

Eco Atlantic’s share of the costs for the work at Joe, which is estimated to host up to 150mln barrels of oil equivalent, is expected to be around US$3mln.

That is significantly less than the US$6.9mln Eco expects to have to pay for the Jethro-Lobe well as the cost of mobilising and demobilising the drill rig have been incorporated into the cost of the first well.

The AIM company, which also has a listing in Toronto, is fully funded for the 2019 campaign, with US$19mln of cash in the bank.

‘Sign of partners’ confidence’

“The approval, at this stage, of a second well is a clear indication of the partners’ risking of Orinduik,” said chief operating officer Colin Kinley.

“All of the partners support a two well drilling campaign targeting close to 370mln barrels of Gross Prospective Resources (P50 Best) at 43.2% risking, which is well above industry averages anywhere in the world.

“Both the Upper Tertiary age, Joe and Lower Tertiary age, Jethro are excellent targets and have been selected jointly between our Geoscientific Teams.”

President and chief executive Gil Holzman added: “With the selection by the Orinduik Partners of the second well target for our 2019 drilling campaign, we are now set for a transformational period in the life of our company.”

Shares edged 2% higher to 85.7p at the opening bell on Friday.

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Fri, 29 Mar 2019 08:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217501/eco-atlantic-set-for-transformational-period-as-it-selects-second-well-location-at-orinduik-217501.html
<![CDATA[RNS press release - Orinduik Partners Approve 2nd Well Location ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190329070006_14020423/ Fri, 29 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190329070006_14020423/ <![CDATA[Media files - Eco Atlantic boss excited ahead of high impact, fully funded wells offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12746/eco-atlantic-boss-excited-ahead-of-high-impact-fully-funded-wells-offshore-guyana-12746.html Wed, 27 Mar 2019 09:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12746/eco-atlantic-boss-excited-ahead-of-high-impact-fully-funded-wells-offshore-guyana-12746.html <![CDATA[News - Eco Atlantic Oil & Gas's Guyana prospects estimated to have 3.98bn barrels of potential resources ]]> https://www.proactiveinvestors.co.uk/companies/news/216608/eco-atlantic-oil--gas-s-guyana-prospects-estimated-to-have-398bn-barrels-of-potential-resources-216608.html Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has revealed the impressive findings of a new resource assessment for the Orinduik Block, offshore Guyana, ahead of exploration drilling later this year.

Consultant Gustavson Associates has estimated some 3.98bn barrels in prospective resources across 15 exploration areas, which for Eco’s 15% stake in Orinduik, equates to 597.3mln barrels net to the AIM-quoted firm.

Gustavson viewed a ‘low case’ estimate of 2.01bn barrels of prospective resources, and a ‘high case’ of 7.2bn - which net to Eco, amounted to 302mln to 1.08bn barrels.

READ: Eco Atlantic Oil & Gas boss “very excited” as exploration drilling nears

The new assessment follows the completion of the 3D processing and an additional six months of interpretation work. It included processed data from a 2,550 square kilometre 3D seismic programme, and, insights gleaned from regional discoveries (such as Hammerhead) made by Exxon.

"Eco is pleased with the progress made in defining the prospectivity on Orinduik,” said Colin Kinley, Eco chief operating officer.

“As the regional play continues to develop, and more discoveries have been made, particularly in the Tertiary play, as was proven by Exxon's Hammerhead 1 discovery, this has allowed us to build upon our model.”

Well will target the Jethro prospect 

Kinley highlighted that the first exploration well will target the Jethro prospect which was estimated at 214.5mln barrels by Gustavson, with a 43.2% chance of success.

He added: The partners are in the process of approving a second well and we believe the risking will be in the same range as for Jethro.

“We hope to confirm drilling plans for well number two in the near future to take advantage of the economics of our rig on the block.”

“We have confidence in our and our partners' work to date, as we continue to work with the industry leading teams at Tullow, who is the operator, and Total, who is a fully engaged partner. 

“At this point, we are looking to drill strategic lower risk targets.

“Assuming positive results, we aim to move quickly to production planning and optimum economics for our partnership and the people of Guyana."

Luxury problems to have

In a note to clients, analysts at SPAngel commented: “In what is likely to be the final resources statement before the start of the drilling campaign on the Orinduik block, at a gross predrill estimate of 3,981.9mm boe, this report quantifies and confirms the potential of the licence area.”

They added: “What is interesting to note is that very little is being given away by the Hammerhead discovery already in the block, which given the abundance of high-quality seismic significant improves exploration confidence, even if exploration risks remain.”

The analysts concluded: “Whatever the outcome, that Hammerhead has been observed as coming on to the licence already means that the Company has more than exploration value, but the question is how much.

“These are luxury problems to have, and ones which we believe will result in value creation for the Company and its shareholders.”

In afternoon trading, shares in Eco Atlantic were 2.5% higher at 91.75p.

 -- Adds analyst comment, share price --

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Mon, 18 Mar 2019 07:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216608/eco-atlantic-oil--gas-s-guyana-prospects-estimated-to-have-398bn-barrels-of-potential-resources-216608.html
<![CDATA[RNS press release - Updated CPR on Orinduik Block, Offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190318070006_14005003/ Mon, 18 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190318070006_14005003/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190311163538_13997847/ Mon, 11 Mar 2019 16:35:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190311163538_13997847/ <![CDATA[RNS press release - Company Incentive Plan -Grant of RSUs and Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190228120445_13985550/ Thu, 28 Feb 2019 12:04:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190228120445_13985550/ <![CDATA[News - Eco Atlantic Oil & Gas boss “very excited” as high impact exploration drilling nears ]]> https://www.proactiveinvestors.co.uk/companies/news/215387/eco-atlantic-oil--gas-boss-very-excited-as-high-impact-exploration-drilling-nears-215387.html Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) chief executive Gil Holzman has told investors the company is very excited by the opportunity to hopefully discover very significant oil resources in the coming months.

As it looks forward to the upcoming high-impact Jethro-Lobe exploration well, in the second quarter, the company today released its financial results statement for the three months ended 31 December.

It comes after Eco last week announced the signing of a rig contract for Jethro-Lobe, and potentially a second optional follow-up well.

READ: Rig contract signed for Eco Atlantic’s Guyana exploration well

“We are pleased to report that we started the calendar year 2019 with the same intensity with which we ended 2018,” Holzman said in the results statement.

“During the first two months of 2019, following the announcement of our initial drilling programme on our Orinduik Block offshore Guyana, we, together with our partners on the block, have signed a drilling contract and confirmed our intention to spud the first well during the second quarter of 2019. 

“The completion of Total's farm-in to our block and the receipt of USD 12.5 million, together with our existing cash resources, means that we are fully funded for at least two wells on our high impact 2019 drilling program in Guyana.

“With our strong balance sheet, we remain in a robust financial position.”

The pre-revenue exploration company reported a US$14.35mln profit for the quarter, after some U$16.75mln of income from the Total deal was marked as revenue. At the end of December with US$25.74mln cash and equivalents.

Looking to the catalysts and milestones ahead, Holzman added: "We look forward to updating the market on the selection of the second target well to be drilled on the Orinduik Block, immediately after the Jethro-Lobe well, and we are very excited by this opportunity to hopefully discover very significant oil resources in the coming months."

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Wed, 27 Feb 2019 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215387/eco-atlantic-oil--gas-boss-very-excited-as-high-impact-exploration-drilling-nears-215387.html
<![CDATA[RNS press release - Unaudited Results and Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190227070006_13982814/ Wed, 27 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190227070006_13982814/ <![CDATA[RNS press release - Inclusion in TSX Venture 50 ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190222070004_13977991/ Fri, 22 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190222070004_13977991/ <![CDATA[News - Eco Atlantic Oil and Gas looks forward to June as rig contract is signed for Guyana exploration well ]]> https://www.proactiveinvestors.co.uk/companies/news/214930/eco-atlantic-oil-and-gas-looks-forward-to-june-as-rig-contract-is-signed-for-guyana-exploration-well-214930.html Eco Atlantic Oil and Gas Ltd (LON:ECO, CVE:EOG) has contracted the Stena Forth harsh-environment drillship for its upcoming exploration well, offshore Guyana.

Stena Forth will drill the Jethro-Lobe prospect on the Orinduik Block offshore Guyana, in the neighbourhood of Exxon’s multi-billion barrel discoveries.

It is expected that the drillship will mobilise to the project in May and the Jethro-Lobe well will start drilling in June.

READ: Eco Atlantic has huge prize in its crosshairs

The rig contract includes a ‘window’ for a second within Orinduik, following Jethro-Lobe well.

Plans for the second well are currently being reviewed and it is expected that those plans may be finalised in the coming weeks.

"Eco is pleased to have secured the Stena Forth Drillship for this initial drill programme on Orinduik,” said Colin Kinley, Eco chief operating officer.

“This state-of-the-art class 3 rig has overall capacity ratings at close to double our operating requirements.”

“The rig is operating, which is a great advantage to the partners. The partners selected the 250 million barrel Jethro-Lobe Tertiary prospect in December, which is only a few kilometres away and up dip from multiple Exxon discoveries in the region and in the same proven resource intervals.”

Kinley highlighted that Jethro-Lobe is believed to be similar to the Exxon Hammerhead discovery which appears to extend onto Orinduik.

In a separate statement this morning, Eco also announced the appointment of Berenberg and Stifel as its new joint corporate brokers, who will work alongside the company’s existing brokers Pareto Securities and Strand Hanson.

Chief executive Gil Holzman said: “Given our upcoming workflow, we feel it is the right time to broaden and strengthen our brokerage and market making services with great names such as Stifel and Berenberg.

“Eco is entering a year full of corporate and operational activities, with at least two wells to be drilled on our Orinduik Block in Guyana with our partners Total and Tullow starting in June 2019.”

“Following our farm-out deal with Total, the company is fully funded for our planned 2019-2020 work programme and is looking forward to a year of great promise."

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Wed, 20 Feb 2019 07:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214930/eco-atlantic-oil-and-gas-looks-forward-to-june-as-rig-contract-is-signed-for-guyana-exploration-well-214930.html
<![CDATA[RNS press release - Appointment of Joint Corporate Brokers ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190220070201_13974957/ Wed, 20 Feb 2019 07:02:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190220070201_13974957/ <![CDATA[RNS press release - Eco Contracts Stena Forth to Drill Offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190220070003_13974896/ Wed, 20 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190220070003_13974896/ <![CDATA[News - Eco Atlantic Oil & Gas has huge prize in its crosshairs ]]> https://www.proactiveinvestors.co.uk/companies/news/214744/eco-atlantic-oil--gas-has-huge-prize-in-its-crosshairs-214744.html  

Drilling to start in May or June at Jethro-Lobe prospect offshore Guyana in the Orinduik Block One exploration well planned by operator Tullow with a minimum two wells expected Eco Atlantic has 15% stake in Jethro-Lobe ExxonMobil has made ten discoveries on the neighbouring Stabroek Block with an estimated 5bn barrels of oil One discovery, Hammerhead, is just 7km from the boundary of the Orinduik licence

 

What it does

Eco Atlantic owns a 15% stake of the Orinduik licence offshore Guyana in the Atlantic Ocean.

A farm-out with French giant Total saw its stake reduced from 40% in return for a cash payment of US$12.5mln.

Away from Guyana, Eco owns four licences off the coast of Namibia including 57.5% of the Cooper Block where Tullow was the operator but decided instead to focus on Guyana. 

Eco’s exploration licence at Cooper runs for another three years with a drill ready target (The Osprey Prospect) and it is looking for another partner to help fund the programme.

 

How is it doing?

Oil commentators about very excited about the Guyana acreage, which is a mirror of the hugely productive Jubilee field off the coast of Ghana.

Drilling will be the test, but the evidence from Exxon suggests plenty of reasons for optimism.

Eco said its 15% share of the Jethro-Lobe well is expected to incur net costs of US$7.6mln.

Following the recent completion of its farm-out deal with Total, the junior explorer is sufficiently funded, with more than US$20mln in the bank at the end of November.

Namibia is less of a focus while the drilling gets underway at Jethro-Lobe, but a new partner would kick-start activity here as well.

 

What the boss says: Colin KInley, chief operating officer

“We have a great deal of confidence in the selection of the Jethro-Lobe drill candidate; the partners are unanimous on the selection of the location, reservoir quality, charge and production characteristics and view this candidate as having a high chance of success and potential for a first discovery.”

Video

 

Inflection points

Spudding of well and results from Jethro-Lobe in May/June

Details of follow up well or additional programme

New partner for Namibian assets

 

Blue Sky

Possibility that Orinduik can be as large as Stabroek and contain billions of barrels of oil

In that case, Eco Atlantic would become a very large company very quickly

Namibia assets prove commercial and add to the pipeline

 

What the broker says : Berenberg

Berenberg describes AIM-quoted Eco (LON:ECO) as ‘the only pure-play on one of world’s the most attractive exploration hotspots."

With a price target pitched at 110p, Berenberg suggests some 140% upside to the Eco share price.

“Partnered with Tullow Oil and Total, Eco will embark on a potentially transformational exploration programme starting in Q2 2019, launching a multi-well campaign on the Orinduik block, next to Exxon’s Stabroek block,” Berenberg analyst Ilkin Karimli said in a note.

“The Exxon-led consortium has made 10 discoveries in the neighbouring Stabroek block, with total recoverable resources of more than 5bn bbl.

“These discoveries, currently in development, may deliver upwards of 750kbpd of production by 2025, making Guyana one of the largest oil-producing nations in the world."

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Fri, 15 Feb 2019 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214744/eco-atlantic-oil--gas-has-huge-prize-in-its-crosshairs-214744.html
<![CDATA[RNS press release - Exercise of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190208163001_13963844/ Fri, 08 Feb 2019 16:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190208163001_13963844/ <![CDATA[RNS press release - Exercise of Warrants and Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190125163001_13947719/ Fri, 25 Jan 2019 16:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190125163001_13947719/ <![CDATA[News - Eco Atlantic Oil & Gas tipped for 140% upside as Guyana exploration wells come into focus ]]> https://www.proactiveinvestors.co.uk/companies/news/212400/eco-atlantic-oil--gas-tipped-for-140-upside-as-guyana-exploration-wells-come-into-focus-212400.html Berenberg has opened a ‘buy’ recommendation on Eco Atlantic Oil & Gas Ltd (LON:ECO) and described the AIM-quoted firm as ‘the only pure-play on one of world’s the most attractive exploration hotspots."

With a price target pitched at 110p, Berenberg suggests some 140% upside to the Eco share price (before today’s note), though in Friday’s deals it was up 3.5p or 7.6% to 49.5p.

Pitched at 110p Berenberg’s target is some 140% upside to the Eco share price (before today’s note), though in Friday’s deals it was up 3.5p or 7.6% to 49.5p.

“Partnered with Tullow Oil and Total, Eco will embark on a potentially transformational exploration programme starting in Q2 2019, launching a multi-well campaign on the Orinduik block, next to Exxon’s Stabroek block,” Berenberg analyst Ilkin Karimli said in a note.

READ: Eco Atlantic Oil & Gas to drill its first Guyana exploration well in mid-2019

Exxon’s major successes at Stabroek has been the driving force behind the Guyana excitement. The US oiler has found billions of barrels of resources in a faultless series of exploration wells offshore.

Eco has a 15% interest in Orinduik which is the neighbouring block, and, importantly it has well-funded, experienced partners to push the high potential project forward.

In Berenberg’s note, Karimli highlighted: “The Exxon-led consortium has made 10 discoveries in the neighbouring Stabroek block, with total recoverable resources of more than 5bn bbl.

“These discoveries, currently in development, may deliver upwards of 750kbpd of production by 2025, making Guyana one of the largest oil-producing nations in the world.”

“Eco and its partners will be targeting over 1bn barrels of gross unrisked resources in 2019 (Eco has a 15% working interest). We estimate total un-risked upside for Eco could be over £5 per share, compared with our risked NAV of £1.1 per share.”

Hammerhead, one of Exxon’s ten Guyana discoveries, has particular significance as it is at least very close to Eco’s Orinduik area.

“Exxon will be appraising the discovery in Q2 2019, which should provide a volumetric estimate. The main question here is whether the field extends into Orinduik block,” the analyst said.

“Seismic data suggests that it may, and the commencement of negotiations between Stabroek and Orinduik partners about a potential monetisation plan would be a major positive for Eco.”

Berenberg also noted that the Guyana programme will be key to Tullow Oil’s investment case for 2019 as it is the project operator and it has 60% of the asset.

For Tullow, the Berenberg analyst reckons Orinduik could be worth between 50p  and 252p per share.

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Fri, 11 Jan 2019 11:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212400/eco-atlantic-oil--gas-tipped-for-140-upside-as-guyana-exploration-wells-come-into-focus-212400.html
<![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190111090032_13931825/ Fri, 11 Jan 2019 09:00:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20190111090032_13931825/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181228170001_13918584/ Fri, 28 Dec 2018 17:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181228170001_13918584/ <![CDATA[Media files - Eco Atlantic's Gil Holzman outlines big plans for next year's drilling offshore Guyana ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11463/eco-atlantic-s-gil-holzman-outlines-big-plans-for-next-year-s-drilling-offshore-guyana-11463.html Wed, 05 Dec 2018 15:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11463/eco-atlantic-s-gil-holzman-outlines-big-plans-for-next-year-s-drilling-offshore-guyana-11463.html <![CDATA[RNS press release - Replacement - Eco's 2019 drilling program ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181205131312_13892741/ Wed, 05 Dec 2018 13:13:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181205131312_13892741/ <![CDATA[News - Eco Atlantic Oil & Gas to drill its first Guyana exploration well in mid-2019 ]]> https://www.proactiveinvestors.co.uk/companies/news/210550/eco-atlantic-oil-gas-to-drill-its-first-guyana-exploration-well-in-mid-2019-210550.html Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has confirmed that it will drill at least one exploration well offshore Guyana in 2019, with the drilling of the Jethro-Lobe prospect slated for ‘late May / early June’.

The prospect, described as “an Upper Tertiary stratigraphically trapped canyon turbidite”, is estimated to host a potential 250mln barrels of crude resources and it is situated in 1,350 metres of water and will be executed using a conventional drill ship.

READ: Exxon provides one billion more reasons to be excited about Guyana exploration

Eco said its 15% share of the well is expected to incur net costs of US$7.6mln for the Jethro-Lobe well, and, following the recent completion of its farm-out deal with Total, the junior explorer is sufficiently funded, with more than US$20mln in the back at the end of November.

A minimum of two wells is envisaged for the 2019 drill programme.

"The Jethro-Lobe well is the first well approved by the partners for 2019,” said Colin Kinley, Eco chief operating officer.

“As announced by Tullow, there are a number of high-potential additional drilling candidates that are on the top of the interpretation list. The partners are currently evaluating the synergies of drilling a second well in this campaign and are assessing rig timing and budget to drill a second candidate.”

“We have a great deal of confidence in the selection of the Jethro-Lobe drill candidate; the partners are unanimous on the selection of the location, reservoir quality, charge and production characteristics and view this candidate as having a high chance of success and potential for a first discovery.”

Sentiments are evidently high in the camp for the Orinduik partners (Tullow, Total and Eco), largely thanks to the outstanding success experienced by Exxon in the neighbouring Strabroek block where the American oil major last week announced its tenth discovery well.

Exxon at the same time, significantly upgraded its estimate for the blocks overall resource base, seeing some 5bn barrels of crude within the Strabroek discoveries (up from 4bn barrels previously).

The Liza discovery was Exxon’s first and, now, most advanced discovery at Strabroek. The American oiler is working toward field start-up in 2020 with the first phase of production expected to ramp-up to around 120,000 barrels of oil per day before subsequent phases grow output to 750,000 bopd by 2025.

READ: Eco Atlantic Oil & Gas says Total deal confirms Orinduik’s “great value”

“Each successful well drilled on Stabroek lowers Eco's risk on Orinduik," Kinley explained in Wednesday’s statement.

He added: "Our confidence was bolstered even further by the upgraded estimate of the discovered recoverable resource to over 5 billion barrels of oil equivalent on the Stabroek Block, as announced by ExxonMobil and Hess on 3 December 2018.

“Further evaluation of previous discoveries in addition to the tenth discovery on the block, Pluma-1, contributed to the upgrade.”

*Updated in accordance with a replacement to this morning's earlier statement

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Wed, 05 Dec 2018 07:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210550/eco-atlantic-oil-gas-to-drill-its-first-guyana-exploration-well-in-mid-2019-210550.html
<![CDATA[RNS press release - Eco confirms 2019 drilling program, Orinduik Block ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181205070004_13891661/ Wed, 05 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181205070004_13891661/ <![CDATA[News - Exxon gives investors one billion more reasons to be excited about Guyana ]]> https://www.proactiveinvestors.co.uk/companies/news/210413/exxon-gives-investors-one-billion-more-reasons-to-be-excited-about-guyana-210413.html Exxon Mobil has given investors a billion more reasons for investors to be excited about exploration in Guyana’s offshore frontier.

Thanks to its latest success, Exxon has now upgraded its estimate for the Stabroek Block where it now sees 5bn barrels of crude, up from 4bn.

The most recent drilling, in the Pluma-1 well, has encountered some 37 metres of a high-quality reservoir. Pluma marked Exxon’s tenth discovery offshore Guyana.

It is part of an ongoing programme to advance Stabroek, where the Liza development is due to come online by 2020.

READ: Eco Atlantic Oil & Gas says Total deal confirms Orinduik’s “great value”

The field will initially produce around 120,000 barrels of oil per day, but, according to current forecasts, it would ramp-up to in excess of 750,000 bopd by 2025.

Exxon holds a 45% stake in the Stabroek Block, alongside partners Hess (owning 30%) and Chinese state-owned CNOOC Nexen with the remaining 25%.

“Guyana is a truly world-class investment opportunity with multi-billion barrels of additional exploration potential,” John Hess said in a statement.

It is good news for AIM-quoted Eco Atlantic Oil & Gas which is preparing for the start of its own exploration efforts in the adjacent Orinduik block.

Eco last month closed its farm-out deal with Total to join the exploration partnership, which also includes Tullow Oil.

Total received 25% of Orinduik, and, in return, Eco received US$12.5mln in cash.

The deal leaves Eco fully funded for its participation in a proposed 2019 drill programme.

Eco chief executive Gil Holzman on 28 November described it as “the beginning of an exciting period” as it can now officially work with, Tullow and Total, to determine drilling targets for at least one well and potentially more.

Colin Kinley, Eco chief operating officer, meanwhile, said: “Now, with Total on board and being fully funded to drill, we look forward to moving ahead, finalizing drilling targets and approving the 2019 drilling budget for Orinduik.”

“We have remained well ahead of our committed schedule, being partnered with ambitious and highly experienced partners, and we look forward to advancing through drilling - years in advance of our committed timing under the terms of the Orinduik licence."

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Mon, 03 Dec 2018 15:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210413/exxon-gives-investors-one-billion-more-reasons-to-be-excited-about-guyana-210413.html
<![CDATA[News - Eco Atlantic Oil & Gas says Total deal confirms Orinduik’s “great value” ]]> https://www.proactiveinvestors.co.uk/companies/news/210196/eco-atlantic-oil-gas-says-total-deal-confirms-orinduiks-great-value-210196.html Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) chief executive Gil Holzman in Thursday’s quarterly financial results statement described the explorer’s farm-out deal with Total as a “confirmation of the great value”.

AIM-quoted Eco confirmed the completion of the transaction on Wednesday, with the explorer receiving US$12.5mln in cash in return for a 25% stake in the potential high-impact Orinduik offshore acreage.

Funds aside, the addition of Total to the venture provides further validation and confidence for investors who hope that, at Orinduik, Eco can replicate some of the success enjoyed by Exxon in the adjacent Stabroek block (where a series of big oil discoveries have unearthed more than a billion barrels of crude).

READ: Eco Atlantic Oil & Gas confirms US$12.5mln boost as Total completes Guyana buy-in

Significantly, during the reporting period, Eco revealed new estimates for Orinduik which saw the potential for some 2.9bn barrels of oil resources – which would need to be proven up in the future through drilling.

“We are delighted that Total has exercised their option to farm into 25% of the Orinduik Block, which has added an additional USD 12.5 million to our cash reserves as of today,” Holzman said.

“Having Total as a partner in Orinduik is further confirmation of the great value we see in this asset and our ability to partner with major international oil companies."

He added: "Our prime focus currently is to review, design and approve the drilling programme on our Orinduik Block offshore Guyana, with Tullow and Total, which we expect to execute during the first half of 2019.

“We look forward to keeping the market updated as to our progress and exact drilling plans."

In terms of financials, the pre-revenue explorer reported a US$2.15mln loss for the quarter, with US$1.29mln incurred through operating expenses. And prior to the Total injection, it ended September with US$11.32mln of cash and equivalents.

Elsewhere, in Namibia, Eco retains an interest in the Cooper exploration area with a larger stake following Tullow Oil’s decision in October to exit the venture. Eco now holds 57.5% of the project and intends to seek new major partners to support exploration plans.

At the same time, some attention is being paid to finding new opportunities suited to the company’s expertise.

"We have spent the last few months advancing new asset opportunities in selected regions that fit our model,” Holzman said.

“This included the extension of the current exploration period across all of our Namibian licences through to March 2019, the beginning of the second two-year Renewal Period which has the option to be extended a further year.

“Thanks to our own technical team and partners' work and developments in the Walvis Basin, our geotechnical understanding of the depositional environment and specific areas for hydrocarbon prospectivity has improved.

“With Tullow's withdrawal from our Cooper license, and with recent entries into Namibia by major oil companies, we see an opportunity to bring in other partners to advance our blocks and we are working towards this goal."

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Thu, 29 Nov 2018 08:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210196/eco-atlantic-oil-gas-says-total-deal-confirms-orinduiks-great-value-210196.html
<![CDATA[RNS press release - Eco Atlantic Unaudited Results and Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181129070005_13884343/ Thu, 29 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181129070005_13884343/ <![CDATA[News - Eco Atlantic Oil & Gas confirms US$12.5mln boost as Total completes Guyana buy-in ]]> https://www.proactiveinvestors.co.uk/companies/news/210092/eco-atlantic-oil-gas-confirms-us125mln-boost-as-total-completes-guyana-buy-in-210092.html Eco Atlantic Oil & Gas Ltd (LON:ECO) has confirmed the completion of its farm-out transaction with Total.

The French oil major has now paid US$12.5mln to Eco, and, in return, it has received a 25% working interest in the Orinduik exploration project offshore Guyana.

It means the Orinduik project comprises Tullow Oil plc (LON:TLW) as an operator with a 60% stake, Total with 25% and Eco retaining 15%.

READ: Eco Atlantic looks for new partner in Namibia

Significantly, the transaction leaves Eco fully funded for its participation in the proposed 2019 drill programme at Orinduik, which lies in the exploration area adjacent to Exxon’s multi-billion barrel oil discoveries in the Liza area.

"The completion of this Farm-Out to Total is not just the culmination of years of hard work from the Eco team, who identified Orinduik as a high-grade opportunity even before ExxonMobil's Liza discovery on the adjacent Stabroek block, but is also the beginning of an exciting period where we can now work officially alongside two world-class partners, Tullow and Total, to determine drilling targets for at least one well and potentially more on Orinduik in mid-2019,” said Gil Holzman, Eco chief executive.

Colin Kinley, Eco chief operating officer, meanwhile, added: "The company has advanced quickly through the stages of 2D interpretation and 3D surveying, processing and interpretation.

“Now, with Total on board and being fully funded to drill, we look forward to moving ahead, finalizing drilling targets and approving the 2019 drilling budget for Orinduik.”

“We have remained well ahead of our committed schedule, being partnered with ambitious and highly experienced partners, and we look forward to advancing through drilling - years in advance of our committed timing under the terms of the Orinduik licence."

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Wed, 28 Nov 2018 07:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210092/eco-atlantic-oil-gas-confirms-us125mln-boost-as-total-completes-guyana-buy-in-210092.html
<![CDATA[RNS press release - Completion of Total Farm-Out and receipt of funds ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181128070004_13882713/ Wed, 28 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181128070004_13882713/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181105164020_13855646/ Mon, 05 Nov 2018 16:40:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181105164020_13855646/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181105163520_13855639/ Mon, 05 Nov 2018 16:35:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181105163520_13855639/ <![CDATA[Media files - Eco (Atlantic) has bagged an 'elephant' at Orinduik, offshore Guyana, believes CEO Holzman ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11062/eco-atlantic-has-bagged-an-elephant-at-orinduik-offshore-guyana-believes-ceo-holzman-11062.html Wed, 31 Oct 2018 15:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11062/eco-atlantic-has-bagged-an-elephant-at-orinduik-offshore-guyana-believes-ceo-holzman-11062.html <![CDATA[RNS press release - Total Farm-in Approved by President of Guyana ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181031070005_13848509/ Wed, 31 Oct 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181031070005_13848509/ <![CDATA[News - Eco (Atlantic) looks for new partner in Namibia as Tullow focuses on Guyana ]]> https://www.proactiveinvestors.co.uk/companies/news/207920/eco-atlantic-looks-for-new-partner-in-namibia-as-tullow-focuses-on-guyana-207920.html Accordingly, Eco has re-opened a data room with a view to finding a replacement for Tullow. ]]> Fri, 26 Oct 2018 08:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207920/eco-atlantic-looks-for-new-partner-in-namibia-as-tullow-focuses-on-guyana-207920.html <![CDATA[RNS press release - Operational and JV updates Guyana and Namibia ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181026070003_13843281/ Fri, 26 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20181026070003_13843281/ <![CDATA[RNS press release - Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180928160340_13809665/ Fri, 28 Sep 2018 16:03:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180928160340_13809665/ <![CDATA[News - Eco Atlantic Oil & Gas gets environmental greenlight for offshore Namibia drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/205829/eco-atlantic-oil-gas-gets-environmental-greenlight-for-offshore-namibia-drilling-205829.html Eco Atlantic Oil & Gas Ltd (LON:ECO, TSE:EOG) told investors that it now has a final Environmental Clearance Certificate for the proposed exploration well on the Cooper block, offshore Namibia.

It sets the company and its partners - Tullow Oil plc (LON:TLW), Azinam, and NAMCOR - for the drilling of the Osprey target which is seen as a potential 882mln barrel target.

Work continues to pin down a precise drilling location, and, the actual drill programme is anticipated in the third quarter of 2019 or the first quarter of 2020.

READ: Tullow’s Namibia well fails to find commercial hydrocarbons

Colin Kinley, Eco chief operating officer, in a statement, said: "We are pleased with our work to date on the Cooper Block and appreciate the detailed analysis it has received both internally and with our industry partners.

“We purposely have shared our interpretation with our partners and industry experts to gather all the regional learnings as exploration matures in this basin.”

He added: "The company's strategy in Namibia has been to maintain a careful and cautious pace, to fully and completely understand the region and to de-risk each asset by using industry learnings, successes and experience. We have used each well drilled in the region to our advantage.

“To the south of the Cooper Block, PEL 37 was recently drilled by Tullow, and although it was disappointing commercially for our partners and friends, it has provided Eco with valuable data to help better understand the characteristics of our field.

“The well has provided us with key markers and our team will use these to our advantage as we move towards drilling."

Eco, meanwhile, noted the nearby activity in the Walvis basin including Tullow’s plugged and abandoned Cormorant well, and, the upcoming drilling due to take place within Chariot Oil & Gas Plc’s (LON:CHAR) acreage.

Prospect S

Chariot’s well is targeting Prospect S, which is located adjacent to Eco’s 80% owned Tamar block.

Prospect S is a 459mln barrel exploration target, with an estimated probability of geologic success of 29%.

For Chariot, it is one of five new prospects, all estimated between 280mln to 460mln barrels, and, it is believed that a success would open up significant follow-up possibilities both within Chariot’s acreage and the broader basin.

The Prospect S well is due to be drilled in the fourth quarter.

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Thu, 27 Sep 2018 07:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205829/eco-atlantic-oil-gas-gets-environmental-greenlight-for-offshore-namibia-drilling-205829.html
<![CDATA[RNS press release - Eco Receives Government Approval to Drill PEL 30 ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180927070009_13806204/ Thu, 27 Sep 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180927070009_13806204/ <![CDATA[News - Eco Atlantic Oil & Gas ups stake in Namibia exploration venture ]]> https://www.proactiveinvestors.co.uk/companies/news/205287/eco-atlantic-oil-gas-ups-stake-in-namibia-exploration-venture-205287.html Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has agreed to increase its interest in the Tamar licence, offshore Namibia.

The company has struck a share-based deal to buy-out partner Amis Oil and Gas Ltd, agreeing to issue 300,000 Eco shares in return for its 10% shareholding in the Pan Africa Oil Namibia Holdings vehicle, in turn effectively increasing Eco’s exposure to the Tamar licence up to 80% (from 72%).

READ: Chariot Oil & Gas looks ahead to Namibia opportunity

Tamar spans some 7,500 square kilometres, directly adjacent the Chariot Oil & Gas acreage that will next month host the drilling of a new exploration well.

"We are very pleased to announce the completion of this transaction, which simplifies our corporate structure, bringing all of our subsidiaries under Eco Atlantic's sole and wholly owned ownership,” said Gil Holzman, Eco chief executive.

“Following the Company's acquisition of the minority interest in Eco (Atlantic) Guyana Inc. announced earlier this year, this transaction further simplifies our corporate structure, and aligns all stakeholders into the ultimate parent company thus enables us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions."

The other 20% of the Tamar licence is split between state-owned NAMCOR and Spectrum Geo Ltd.

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Thu, 20 Sep 2018 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205287/eco-atlantic-oil-gas-ups-stake-in-namibia-exploration-venture-205287.html
<![CDATA[RNS press release - Acquisition of Minority Interest in PAO Namibia ]]> https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180920070012_13797532/ Thu, 20 Sep 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/7858/LSE20180920070012_13797532/ <![CDATA[Media files - Boost for Eco Atlantic Oil & Gas as Total moves ahead with Guyana farm-out ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10463/boost-for-eco-atlantic-oil-gas-as-total-moves-ahead-with-guyana-farm-out-10463.html Thu, 13 Sep 2018 11:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10463/boost-for-eco-atlantic-oil-gas-as-total-moves-ahead-with-guyana-farm-out-10463.html