Eco Atlantic Oil and Gas Limited reported today that it is still conducting an assessment of all drilling opportunities for the light oil cretaceous targets of the Orinduik Block and is likely to release information on this by the end of the second quarter.
According to Eco’s Chief Executive Officer (CEO), Gil Holzman, the company is fully aligned with its block partners, Tullow and Total, on careful target selection based on the 3D currently being reprocessed for the next drilling campaign while adding that he continues to see considerable upside in the hydrocarbon assets in the Orinduik Block.
In terms of the stakes it has in the Orinduik Block, Eco Guyana holds a 15% Working Interest alongside Total (25%) and Operator Tullow Oil (60%). The offshore concession stretches 1,800 km2 in the shallow water of the prospective Suriname-Guyana basin. It is also adjacent and updip to ExxonMobil Operated Stabroek Block, on which eighteen discoveries have been announced and over 9 Billion barrels of oil equivalent resources of oil equivalent recoverable resources are estimated.
Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high-quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age.
The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.
As for the company’s assets in Namibia, the Eco Chief reminded that the company is licensed to operate on four blocks covering 23,000 km2 (Cooper, Sharon, Guy, and Tamar) within the Walvis Basin.
Holzman said that the company has witnessed considerable interest from multiple oil majors while noting that it continues to monitor upcoming drilling activity in the region, which should potentially see up to five exploration wells drilled on behalf of ExxonMobil, Total, Maurel & Prom, Shell and ReconAfrica (currently drilling) in the next 12 months.