Eco Atlantic details high volume, high impact opportunities offshore Guyana, South Africa and Namibia
“Eco has the capacity to participate and provide strategic value accretion through the drill bit," said COO Colin Kinley
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) has unveiled a new third-party authored competent person's report (CPR) which details estimates that see some 16bn barrels of gross prospective resources across the explorer’s portfolio, which would be 8.24bn barrels net to the company.
Some 8.36bn of gross prospective resources (1.7bn barrels net) come from four targets – two offshore Guyana and two off South Africa – whilst the other 7.6bn barrels (6.49bn net) are deemed higher risk prospects and are offshore Namibia.
The CPR was produced by WSP USA Inc and it was commissioned following Eco’s deal to acquire Azinam Group, which added the South African projects and increased the company’s interests in its existing projects offshore Namibia. It does not include the additional projects in Guyana that will come through Eco’s proposed acquisition of JHI Associates.
“Our acquisitions and strategy to deliver mature drillable prospects in the near term are driven in part by the current heated energy market, the reduction in worldwide exploration, and the marked cycling we anticipate through energy transition in the coming years,” chief operating officer Colin Kinley said in a statement.
“Eco has the capacity to participate and provide strategic value accretion through the drill bit.
“Our planned well for Q3 this year on Block 2B in South Africa is being quickly followed by work on the potential to drill on Block 3B/4B in the Orange Basin, directly adjacent to the recent discoveries announced by TotalEnergies and Shell.
He added: “We are also confidently progressing towards drilling in Orinduik block offshore Guyana, subject to available funding, and look forward to confirming a drill target and timing with our partners in the coming months.”
“Assuming the acquisition of JHI completes as planned in the coming months, this acquisition will also provide us with the opportunity to participate in a number of targets on the Canje Block as prospects are matured by ExxonMobil and ourselves in the Guyana basin."
