Eco Atlantic Oil & Gas has started drilling operations for the first well in the Jethro-Lobe prospect on the Orinduik block, offshore Guyana.
The well, which was spud using the Stena Forth drillship, is expected to take up to 40 days to be fully drilled.
The Jethro Lobe prospect is part of a two-well programme and will be followed by the drilling of an exploration well on the Joe prospect.
Eco currently owns a 15% working interest in the block. Tullow Oil holds 60% as operator and Total E&P Guyana BV owns a 25% interest.
Eco said it is fully funded for its share of up to six potential exploration or development wells on the Orinduik Block, apart from the Jethro Lobe and Joe exploration wells.
Eco Atlantic Oil & Gas CEO Gil Holzman said: “Today Eco Atlantic’s first Guyana well has been spud, three years ahead of our petroleum agreement commitment. This is the start of a hugely exciting time for the company. Jethro Lobe will test the Lower Tertiary aged turbidites, as well as drilling down into the Cretaceous. As such, we await the well results with great anticipation, as they will give us an even greater understanding of the geological plays.”
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The Orinduik block is adjacent to ExxonMobil and Hess’ Stabroek Block, on which thirteen discoveries have been announced, and more than 5.5bboe of oil equivalent recoverable resources are estimated.
First oil production is anticipated from the deepwater Liza Field in 2020.
The Jethro-Lobe prospect, which will be drilled from a conventional drillship, is a lower Tertiary stratigraphically trapped canyon turbidite in about 1,350m of water.