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Eco (Atlantic) has bagged an 'elephant' at Orinduik, offshore Guyana, believes CEO Holzman

Gil Holzman, Eco (Atlantic)’s chief executive (LON:ECO) is super-excited about the start of drilling at Orinduik next year, with offshore Guyana set to become a huge new oil address he believes.

It’s the ‘elephant -size’ asset we were looking for when we took on the licence, he says, adding that if a well is drilled next year it will be three and half years ahead of schedule.

With an estimated 3bn barrels of recoverable, Eco’s 15% take is worth roughly US$2bn at currently prices.

Operator Tullow and Total, its other partner, are keen to move forward as fast as possible, which might even mean more than one well being drilled and tested in 2019.

Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 20.25 GBX

AIM:ECO
Market: AIM
Market Cap: £37.4 m
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Full interview: Eco Atlantic's Gil Holzman discusses boost to Orinduik...

Eco (Atlantic) Oil & Gas Limited's (LON:ECO) Gil Holzman caught up with Proactive London's Andrew Scott to discuss an updated CPR on its Orinduik Block, offshore Guyana. Gross prospective resources are now estimated at 5.14bn barrels on a p50 basis or best basis, which amounts to a net...

on 3/2/20

2 min read