TIDMECO
RNS Number : 0899E
Eco (Atlantic) Oil and Gas Ltd.
05 July 2021
5 July 2021
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Jabillo-1 Well Result
Sapote-1 well to be drilled next
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company with licences in the proven oil
province of Guyana and the highly prospective basins of Namibia,
has received a detailed update from JHI Associates Inc. ("JHI").
The Jabillo-1 well in the Canje Block, offshore Guyana, reached its
planned target depth and was evaluated but did not show evidence of
commercial hydrocarbons. Jabillo-1 will now be plugged and
abandoned. This well was drilled at no cost to JHI or Eco and was
completed on a full carry basis.
The Jabillo-1 well was drilled to test Upper Cretaceous
reservoirs in a stratigraphic trap. The well was positioned
offshore Guyana, approximately 265 km northeast of Georgetown, in
2,903 meters of water and was safely drilled to a total depth of
6,475 meters.
The Stena DrillMax Rig is currently operating in the ExxonMobil
Operated Stabroek Block and is expected to move on to drill the
Sapote-1 well, in the eastern portion of the Canje Block. The
Sapote-1 Well is expected to be spud in mid-August 2021 with an
estimated drilling time of up to 60 days.
The Sapote-1 prospect is located in the south eastern section of
Canje, and is a separate and distinct target from Jabillo. Sapote-1
lies approximately 100 km southeast of Jabillo and approximately 50
km north of the Haimara discovery in the Stabroek Block which
encountered 207 feet (63 meters) of high-quality, gas-condensate
bearing sandstone reservoir and approximately 60 km northwest of
the Maka Central discovery in Block 58 which encountered 164 feet
(50 meters) of high-quality, oil-bearing sandstone reservoir.
Eco recently acquired a 6.4% interest in JHI with the option to
increase its stake to 10% on a fully diluted basis. JHI, a private
company incorporated in Canada, holds a 17.5% Working Interest in
the Canje Block and was carried on the Jabillo-1 well.
Eco remains well funded to progress its planned Orinduik Block
drilling program, subject to partner approval, and now as a result
of this recent investment in JHI, it is also fully funded for the
ongoing program on Canje Block that includes the upcoming committed
Sapote-1 well and any additional potential wells considered for
this year.
The Canje Block is operated by ExxonMobil and is held by Working
Interests partners Esso Exploration & Production Guyana Limited
(35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates
(BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).
Gil Holzman, Co-Founder and Chief Executive Officer of Eco
Atlantic, commented:
"While today's update from JHI is disappointing, this is the
nature of oil exploration. Our stakeholders continue to support our
exploration efforts and look for us to continue to define these
near term high impact opportunities. Our next focus is the Sapote-1
prospect to be spud in the upcoming weeks which brings us another
opportunity to share in what we hope to be another major ExxonMobil
led discovery. JHI was carried on the Jabillo-1 well and this is
just the first in a series of exploration wells that Eco expects to
be involved in this year and next. Guyana has proven to be one of
the most prolific hydrocarbon regions on the globe and the high
discovery ratio continues and the Company continues to be excited
about its near-term future prospects on both the Orinduik and the
Canje Blocks.
"The next well in the program, Sapote-1, is located adjacent to
existing discoveries and it is expected to be spud in mid-August
2021. The targets in the region have proven to hold some hundreds
of millions of barrels of oil and oil equivalent and we look
forward to similar scaled results from this upcoming well.
"I am happy that we managed to become a part of JHI and the
Canje Block exploration program in time that offers our
stakeholders a stream of high impact catalysts and an ongoing
drilling program operated by ExxonMobil. I have a great confidence
that our Canje Block exposure will yield great returns and oil
discoveries as it also paves the way to a broader exposure and
collaboration in the Guyana-Suriname Basin."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Marketing and +44(0)781 729 5070 | +1 (416)
IR 318 8272
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Ollie Mills
Hannam & Partners (Research Advisor)
Neil Passmore +44 (0) 20 7905 8500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
Qualified Person's Statement:
Colin Kinley, Co-Founder and Chief Operating Officer of Eco
Atlantic, has reviewed and approved the technical information
contained within this announcement in his capacity as a qualified
person, as required under the AIM rules. Mr Kinley has over 35
years' experience in the oil and gas industry.
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM quoted Oil & Gas exploration
and production Company with interests in Guyana and Namibia, where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil
companies.
In Guyana, Eco Guyana holds a 15% Working Interest alongside
TOQAP Guyana B.V. ("TOQAP") a company jointly owned by Total
E&P Guyana B.V. (60%) and Qatar Petroleum (40%) and Operator
Tullow Oil (60%) in the 1,800 km(2) Orinduik Block in the shallow
water of the prospective Suriname-Guyana basin. The Orinduik Block
is adjacent and updip to ExxonMobil Operated Stabroek Block, on
which twenty discoveries have been announced and over 9 billion BOE
recoverable resources are estimated. On 28 June 2021, Eco acquired
a 6.4% interest, with the option to increase its stake to 10%, in
JHI Associates Inc. a private company which holds a 17.5% WI in the
4,800km(2) Canje Block. The Canje Block is operated by ExxonMobil
and is held by Working Interests partners Esso Exploration &
Production Guyana Limited (35%), with Total E&P Guyana B.V.
(35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil &
Gas Inc. (12.5%).
Jethro-1 was the first major oil discovery on Orinduik Block.
The Jethro-1 encountered 180.5 feet (55 meters) of net heavy oil
pay in excellent Lower Tertiary sandstone reservoirs. Joe-1 was the
second discovery on the Orinduik Block and comprised of 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.
In Namibia, the Company holds interests in four offshore
petroleum licenses totalling approximately 28,593km(2) with over
2.362bboe of prospective P50 resources in the Walvis Basin. These
four licenses, Cooper, Guy, Sharon, and Tamar are being explored
with industry partners with Eco Operating and maintaining an
average 60% Working Interest. Eco has been granted a drilling
permit on its Cooper Block (Operator).
Eco Atlantic is a 70% shareholder in Solear Ltd., Solear is an
independent private clean energy investment company focused on low
cost, high yield solar development projects in southern Europe.
Solear offers investors exposure to a portfolio of pre-construction
opportunities across the renewable energy value chain, from
Ready-to-Build to early-stage development.
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END
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