The most recent Competent Person’s report on the Orinduik Block notes that it holds, at best, 3.98 billion barrels of oil which are spread around 10 very defined leads. Should this oil potential be realized, Eco Atlantic, which holds the smallest working interest in the block, would be walking away with as much as US$3.6B.
This was recently noted by Chief Executive Officer (CEO) for Eco Atlantic, Gil Holzman during an interview with Proactive Investors, an analytical platform that provides data on a range of sectors, particularly oil and gas.
Holzman said that given his company’s 15 percent interest in the block, it stands to walk away with 450M barrels of net prospective oil.
The Eco Atlantic CEO said, “So 15 percent is a very good position to be in and with Tullow and Total now agreed to do the heavy lifting for the block, that is to say, the technical work for the block, we are in a good position. We are fully funded for the first three or four wells that will be drilled by the partners.”
He added, “So we feel very comfortable with our 15 percent. And the best estimate for a barrel value of oil offshore Guyana is anything between US$5 to US$8 so you do the math, 450M times that, so we feel very comfortable with that.”
To date, Eco Atlantic and its partners have made two successful discoveries at their Jethro-1 and Joe-1 wells on the Orinduik Block. The Guyana Standard understands that the partners will now conduct a detailed evaluation of the Jethro, Joe and Hammerhead extension oil reservoirs on the Orinduik Block.