Tullow Oil, Eco Atlantic enter Phase Two for Orinduik Block, offshore Guyana

1/18/2018

TORONTO -- Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, announces that at the Company and Tullow Oil (together “the Partners”) on the Orinduik Block, have elected to enter Phase Two of the Initial Period under the Petroleum Agreement and Prospecting License, Orinduik Block, offshore Guyana. As operator of the Block, Tullow Oil has notified the Guyana Geology and Mines Commission, as well as the Honorable Minister Trotman, Minister of Natural Resources of the Partners’ decision.

The work commitment under Phase Two requires the acquisition of at least a minimum of 1,000 km2 of 3D seismic on the Orinduik Block. This has already been completed and exceeded during Phase One when the Block partners completed a 2,550-km2 survey in September 2017. As such, there is no further 3D seismic in Phase Two of the Initial Exploration Period.

Current Working Interests on the Orinduik Block are as follows:

  • Tullow Oil - 60% (Operator)
  • Eco Guyana - 40%

As announced on Sept. 26, 2017, Eco signed an agreement with Total E&P Activités Pétrolières, a wholly owned subsidiary of Total SA, whereby Total has an option to acquire a 25% Working Interest in the Orinduik Block from Eco Guyana.

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