Results from the Jethro-1 well offshore Guyana exceeded all expectations a delighted Eco (Atlantic) Oil & Gas Limited (LON:ECO) chief executive Gil Holzman told Proactive.
He explains that the 55m of high-quality oil beat pre-drill estimates and has de-risked the tertiary sandstone layer across the whole 20 sq km of the Orinduik licence.
Another well, Joe, will spud shortly in shallower waters and should confirm the quality of the reservoir, says Holzman who adds there are multiple additional well opportunities.
“It’s only the beginning in Guyana” he says, with a potential 4bn barrels of oil on the licence.
Holzman also believes its other acreage in Namibia might prove to just as prospective as Guyana.