Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has confirmed that alongside its joint venture partners it is moving the Orinduik block into the next exploration phase, as determined by the licence agreement.
The ‘first renewal period’ will officially begin on 14 January 2020 and it will run for three years, at which point the partners can move into the ‘second renewal period’.
Work completed to date - 2,550 square kilometres of 3D seismic and two wells – has exceeded all of the original license commitments required within the initial phase of the Orinduik petroleum agreement.
"We are very pleased that the JV partners have unanimously elected to enter into the next phase of exploration and development at the Orinduik Block,” said Gil Holzman, Eco chief executive.
“We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik Block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 bn barrels of oil.”
Holzman described 2019 as being a milestone year for Eco Atlantic.
He added: “As we look to next year, we will continue to work closely with all our stakeholders, including our host governments and the JV partners, to determine the budget and drilling programme for 2020, and we look forward to publishing an updated CPR on Orinduik Block and sharing our upcoming plans on our Namibian and Guyanese licences over the coming months."
Eco owns a 15% interest in Orinduik alongside partners Tullow Oil and Total, which own 60% and 25% respectively.