ECO (ATLANTIC) Oil & Gas LTD drills Jethro-Lobe Spud, Offshore Guyana
GEORGETOWN, GUYANA -- Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), an oil and gas exploration company that holds licences in Guyana and Namibia, commenced drilling operations offshore of Guyana with the spudding of the first exploration well on its Jethro-Lobe prospect on the Orinduik Block. Jethro-Lobe was spud at 22:45hrs (Local Guyana time) on Thursday 4th July 2019 using the Stena Forth drillship.
Eco and its partners on the Orinduik Block, Tullow Guyana B.V. ("Tullow") (Operator, 60% Working Interest ("WI")) and Total E&P Guyana B.V. ("Total") (25% WI), estimate the well will take up to 40 days to drill.
Jethro Lobe is the first prospect to be drilled as part of a two-well program and will be immediately followed by the drilling of an exploration well on the Joe prospect.
Eco is fully funded for its share of up to six potential exploration or development wells on the Orinduik Block in addition to the Jethro Lobe and Joe exploration wells, as announced on 10 June 2019.
"Today Eco Atlantic's first Guyana well has been spud, three years ahead of our Petroleum Agreement commitment," said Gil Holzman, Chief Executive Officer of Eco. "This is the start of a hugely exciting time for the Company. Jethro Lobe will test the Lower Tertiary aged turbidites, as well 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.
"The huge success which ExxonMobil has had on the neighbouring Stabroek Block, has aided our geological assessment of the many similar channel systems in our Orinduik Block. With fifteen leads and prospects identified on the Orinduik Block, and funding to drill six potential exploration wells beyond the two currently planned, this is only the start of a fascinating and potentially transformational time for the Company."