Eco Atlantic upgrades resource prospects in offshore Guyana field

19 March 2019 (Last Updated March 19th, 2019 13:48)

Eco Atlantic Oil & Gas has upgraded gross prospective resources of an oil and gas field located offshore Guyana following the completion of its latest assessment.

Eco Atlantic upgrades resource prospects in offshore Guyana field
The Orinduik Block in offshore Guyana is estimated to host 3.98bn barrels of oil equivalent. Credit: D Thory from Pixabay.

Eco Atlantic Oil & Gas has upgraded gross prospective resources of an oil and gas field located offshore Guyana following the completion of its latest assessment.

The Orinduik Block is now estimated to host 3.98 billion barrels of oil equivalent (Bboe) across 15 exploration areas, significantly higher than the previous estimate of 2.91 Bboe.

The assessment was carried out by consultant Gustavson Associates, who delivered an updated NI 51-101 compliant Competent Persons Report (CPR) on the Orinduik Block.

In the updated CPR, Gustavson stated a ‘low estimate’ of 2.01bn barrels in prospective resources and a ‘high estimate’ of 7.2bn with the ‘best’ estimate at 3.98bn from the offshore Guyana field.

Eco Atlantic owns 15% stake in the Orinduik Block, which is operated by Tullow with 60% interest. The remaining 25% stake is with Total.

“Eco is pleased with the progress made in defining the prospectivity on Orinduik.”

 

The assessment follows the completion of the processing of 3D seismic programme encompassing a 2,550km2 area, including Exxon’s Hammerhead discovery.

The company and its partners have also carried out an extensive evaluation on the leads and targets on the Orinduik Block.

Eco Atlantic co-founder and chief operating officer Colin Kinley said: “Eco is pleased with the progress made in defining the prospectivity on Orinduik.

“As the regional play continues to develop, and more discoveries have been made, particularly in the Tertiary play, as was proven by Exxon’s Hammerhead 1 discovery, this has allowed us to build upon our model.

“Our first drill target scheduled for June is Jethro, on which Gustavson has firmed up their estimate to contain 214.5 MMBOE (P50) at 43.2% Chance of Success.”

He added that the partners will also confirm drilling plans for a second well soon.