logo-loader
viewEco Atlantic Oil & Gas Ltd

Eco Atlantic chief remains upbeat over Orinduik and buys shares to prove it

Gil Holzman, Eco Atlantic Oil and Gas Limited’s (LON:ECO) chief executive explains why he has topped up his holding in the company and the next steps on the Orinduik block offshore Guyana.

Shares in Eco dropped more than 50% when operator Tullow revealed that the oil discovered by the Jethro and Joe wells earlier this year was heavier than expected.

This was massively disproportionate, says Holzman, especially as demand for the heavy oil found in the tertiary formation is expected to rise as refineries on the east coast of the Americas look for new sources.

Orinduik holds an estimated 1bn of oil in the tertiary layer, but there are also potentially 3bn barrels in the cretaceous layer which is where all the discoveries of light oil so far made off the coast of Guyana have been located.

Holzman says it will sit down with Tullow early in the New Year to plan for the next drilling programme and is funded for three or possibly four explorations wells.

Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 50.84 GBX

AIM:ECO
Market: AIM
Market Cap: £93.68 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Eco Atlantic Oil & Gas Ltd named herein, including the promotion by the Company of Eco Atlantic Oil & Gas Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

SP Angel's Sam Wahab discusses Hurricane Energy, Eco Atlantic, Tullow and...

Sam Wahab, SP Angel’s oil and gas analyst talks to Proactive about the prospects for Eco (Atlantic), Tullow Oil, Hurricane Energy and Union Jack Oil. Tullow (LON:TLW) needs to get back to explorations, which is what it does best says Wahab. Its cashflow needs also means it has to beef up...

3 days, 18 hours ago

2 min read