Company
LON:ECO
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried by Tullow Oil and Azinam, in four offshore petroleum licenses covering more than 32,000 square kilometers in the Walvis and Lüderitz Basins, in close proximity to major blocks controlled by Repsol and Tullow Oil. In Guyana, Eco Atlantic holds an interest in the 1,800 square kilometer Orinduik offshore block in close proximity to the Exxon Mobil Corporation's recently announced "Liza" discovery holding multi million barrels of oil . Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.
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Tullow's Carapa discovery and Exxon's successes at the prolific Stabroek block all bode well for the prospectivity across Eco's Orinduik exploration area.
"We will continue to work closely with all our stakeholders, including our host governments and the JV partners, to determine the budget and drilling programme for 2020," Gil Holzman said.
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Eco (Atlantic) Oil & Gas (LON:ECO): Financially stable ahead of 2020 drilling programme Bahamas Petroleum (LON:BPC) – MSA signed with Baker Hughes ahead of 2020 drilling campaign President Energy (LON:PPC) – Completion of Angostura Acquisit
Gil Holzman said the Orinduik block offers many promising prospects.
Additional tests revealed a heavy grade of oil containing high sulphur, which will require more costs to be brought to the surface
The Jethro-1 and the Joe-1 wells, drilled in August and September, continue to be analysed and fluid samples are presently in the lab
Three back-to-back discoveries involving Orinduik operator Tullow Oil have given the joint venture plenty to consider as they draw-up their next moves offshore Guyana.
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Back-to-back discoveries for Tullow and Eco add to the lore of Guyana’s exploration sweet-spot where a fifteen discoveries have now been confirmed.
It is an immediate follow up to the Jethro oil discovery and could be the second of up to eight wells in the Orinduik block offshore Guyana.
A look back at some of the more interesting news stories from London’s junior oilers
"The year-to-date has been a transformational period for the company, and with a significant oil discovery," Gil Holzman said.
A round-up of the news in London's small cap energy scene from the past five days
A glance at some of the day's highlights from the Proactive Investors newswire
Eco's Jethro exploration well has confirmed the massive discoveries made next-door by Exxon continue into its 15% Stabroek acreage.
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A glance at some of the day's highlights from the Proactive Investors newswire
“We look forward to updating the market with the results from Jethro Lobe in the coming weeks, the spudding of Joe and the results from our second well thereafter”
Investments and investor services
The FTSE 100 index closed 39.84 points lower on the day at 7,646, while the midcap FTSE 250 index plunged almost 112 points to close at 19,774
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It was another busy week in the junior oil and gas sector.
