Eco Atlantic Oil & Gas Ltd (LON:ECO) has confirmed that a new seismic programme has now begun, offshore Guyana.
Eco and joint venture partner Tullow Oil are surveying some 2,550 square kilometres of the Orinduik Block.
The survey is being conducted by contractor Schlumberger, which is using three vessels (the R/V GECO Eagle and two supporting vessels), and the programme is expected to take around 50 days to complete.
"As previously announced and planned, we are excited to commence this significant 3D survey, which is substantially greater than the committed survey,” said Colin Kinley, Eco Atlantic chief operating officer.
“In addition to further defining and de-risking the existing leads, the survey will hopefully better define potential drilling targets and determine the scale of the resource on the Orinduik Block.
“We look forward to processing the data and beginning to understand results in the fourth quarter of this year."
Originally, the plan was to capture 1,000 square kilometres worth of seismic but the partners decided to more than double the size of the project amid ongoing success in the region.
Eco has a 40% stake in the Orinduik Block which is located up-dip of ExxonMobil’s large Liza and Payara discoveries, estimated between 2.25 and 2.75bn barrels recoverable.
Tullow Oil, which owns the other 60% of Orinduik, is covering all the costs for some 1,000 square kilometres, up to a maximum of US$1.25mln, as envisaged by the original partnership deal and Eco’s share of the remaining costs will be covered by existing cash resources.
Eco completed an oversubscribed share placing in February, raising £5.1mln.
Shares in London added 2.9% to 17.75p.