Eco Atlantic Spuds Joe-1 Well Offshore Guyana

(Eco, 27.Aug.2019) — Eco (Atlantic) Oil & Gas Ltd. said drilling of the Joe prospect has commenced offshore Guyana, the company’s second exploration well on the Orinduik Block. Joe-1 was spud at 14.45hrs (Local Guyana time) on 25 August 2019 using the Stena Forth drillship, which previously drilled the recently announced Jethro discovery.

Eco and its partners on the Orinduik Block, Tullow Guyana B.V. (Operator, 60% WI)) and Total E&P Guyana B.V. (25% WI), estimate the well will take approximately three weeks to drill.

“We look forward to continued success in our exploration efforts as we move forward to define the plays available to us in all the various geological ages and to develop this block,” Eco COO and co-founder Colin Kinley said.

The Joe prospect is a Tertiary feature on the northern part of the Orinduik Block in approximately 700 meters of water and is estimated by Gustavson Associates to hold 148.3mmboe of gross unrisked prospective oil resources (P50).

Eco (Atlantic)’s Incentive Plan – Grant of RSUs

Joe is the second of Eco’s two-well drill programme in Guyana for this year and the Company is fully funded for a further six potential exploration, appraisal or development wells on the Orinduik Block.

“We are very pleased to have spudded on Sunday our second exploration well on Orinduik. After the discovery made on Jethro in the Lower Tertiary, which greatly derisked that age section throughout the block, we are now moving to an Upper Tertiary target in the Joe prospect where we are targeting over 100mmboe. If a further discovery is made, it will further enhance the value of the block with this shallower play. The estimated chance of success for Joe is the same as Jethro, although it is a completely different play, and we are confident in our 3D interpretation as we were ahead of the Jethro-1 discovery.

— Colin Kinley, Chief Operating Officer and co-founder


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