Eco Atlantic Oil & Gas kicks off Guyana exploration well
“This is the start of a hugely exciting time for the company," the company's CEO Gil Holzman said
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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“This is the start of a hugely exciting time for the company," the company's CEO Gil Holzman said
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Exploration drilling is set to begin later this month with the Jethro Lobe well.
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Ahead of a June spud for its first exploration well, Eco has now got the financial wherewithal to pay its share in up to six wells offshore Guyana
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Mid-cap cousin FTSE 250 was also lower, shedding around 56 points at 19,507
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The Joe prospect is estimated to host up to 150mln barrels of oil equivalent, with a 43.2% chance of success – which is well above industry averages, said Eco