Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX‐V: EOG) is pleased to announce that the Orinduik Block Joint Venture Partners (the "JV Partners") have elected to enter the next exploration phase (the "First Renewal Period") of the Orinduik Petroleum Agreement signed on 14 January 2016 and have submitted their official notice to the Department of Energy of the Government of Guyana.
The entering into of the First Renewal Period, which will commence from 14 January 2020, will see the JV Partners maintain control of the licence for a further three years, through to 13 January 2023, and until the second renewal period. The work completed by the JV Partners on the Orinduik Block to date, including the completion of a 2,550 km2 3D seismic programme in 2017 and the drilling of two exploration wells, both leading to discoveries, on Jethro-1 and Joe-1, has exceeded all of the original license commitments required within the initial phase of the Orinduik Petroleum Agreement.
The JV Partners are, Eco Atlantic (15% working interest ("WI")), Tullow Guyana B.V. ("Tullow") (Operator, 60% WI) and Total E&P Guyana B.V. ("Total") (25% WI).
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"We are very pleased that the JV Partners have unanimously elected to enter into the next phase of exploration and development at the Orinduik Block. We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik Block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 bn barrels of oil (gross unrisked prospective (P50) resource) according to the CPR resource report published in March 2019.
"2019 has been a milestone year for Eco Atlantic. We were honoured to be awarded the Explorer of the Year award at the Oil & Gas Council's Awards for Excellence, voted on by industry participants, on 3 December 2019. As we look to next year, we will continue to work closely with all our stakeholders, including our host Governments and the JV Partners, to determine the budget and drilling programme for 2020, and we look forward to publishing an updated CPR on Orinduik Block and sharing our upcoming plans on our Namibian and Guyanese licences over the coming months."