(Eco Atlantic, 18.Mar.2019) — Eco (Atlantic) Oil & Gas Ltd. announce that Gustavson Associates LLC of Boulder Colorado has completed and delivered an updated NI 51-101 compliant Competent Persons Report (CPR) on the Orinduik Block offshore Guyana. This report is the second on Eco Atlantic’s Orinduik Block and follows the completion of the 3D processing and an additional six months of interpretation work. It supplements and updates the interpretation of the previous CPR announced on 11 September 2018.
Following the completion of the processing of the 2,550 km2 3D seismic program and the reported regional Tertiary aged discoveries, including Exxon’s Hammerhead discovery, the company and its partners (Tullow – 60% Operator, Total – 25%, Eco – 15%) have completed a further extensive evaluation and risking exercise on the leads and targets on the Orinduik Block following review and analysis of this additional information. Gustavson has independently updated the previously announced P50 Best estimate of the Gross Unrisked Prospective Resources within the Orinduik Block.
The updated CPR estimates an increase in Gross Unrisked Prospective Resources P50 (Best) to 3,981.9 MMBOE on the Block, implying Net (15%) 597.3 MMBOE to Eco, identified across a total of 15 Leads on the Orinduik Block..
A link to the full CPR Report can be viewed online at www.sedar.com and is also available on the Company’s website: www.ecooilandgas.com.
Colin Kinley, co-founder and Chief Operating Officer of Eco Atlantic commented:
“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. The partners are in the process of approving a second well and we believe the risking will be in the same range as for Jethro. We hope to confirm drilling plans for well number two in the near future to take advantage of the economics of our rig on the block.
“We are very happy with the interpretation of the Hammerhead-1 discovery up on to Orinduik. Although the volumes are conservative, it has an extremely low risk for drilling (81% Chance of Success) and has confirmed the presence of oil on our block. We understand that this discovery will be offset drilled on the Stabroek block in the near future which will help further define our interpretation of our other leads and targets.
We have confidence in our and our partners work to date, as we continue to work with the industry leading teams at Tullow, who is Operator, and Total, who is a fully engaged partner. At this point we are looking to drill strategic lower risk targets. Assuming positive results, we aim to move quickly to production planning and optimum economics for our partnership and the people of Guyana.”
Qualified Person’s Statement:
Jan Joseph Tomanek, Vice President of Gustavson Associates LLC, has reviewed the technical information contained within this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. Jan Tomanek is an American Association of Petroleum Geologists Certified Petroleum Geologist and an American Institute of Professional Geologists Certified Professional Geologist and has over 35 years’ experience in the oil and gas field.
All Reserves and Resources definitions and estimates detailed in this announcement are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System (PRMS).
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