Eco Atlantic Oil & Gas Ltd announced on Wednesday that its current focus is to find fresh partners for the Orinduik Block. The Canadian explorer holds a 15% stake in the offshore block. That working interest could climb significantly to 75% with the successful completion of its acquisition of Tullow Guyana B.V.’s shares.
Upon finalization of the agreement, Eco-Atlantic will transition into the role of operator and primary interest holder, commanding a comprehensive 75% aggregate participating interest through its subsidiaries, Eco Guyana and Eco (Atlantic) Guyana Inc. This transformative shift would empower the company to assume a pivotal role in steering the exploration process and executing its strategy to attract fresh collaborative partners.
Guyana’s Vice President, Bharrat Jagdeo recently highlighted that while Tullow Oil Plc has consented to the sale of its subsidiary’s majority stake in the yet-to-produce Orinduik Oil Block, the Government of Guyana has not received formal notification.
During his recent press conference he said, “The last two days ago, I spoke with Vickram Bharrat (Guyana’s Natural Resources Minister) and at that time, we had not received notification.”
“….We had not been notified about this, we’ve been hearing about it…but that has to come through a formal process to us,” he said.
Jagdeo emphasized that Tullow must officially apprise the government, as such a significant decision necessitates approval from the Government of Guyana.
In the midst of these developments, Eco Atlantic remains resolute in its proactive approach to expanding its footprint and influence in the energy sector.
