Eco Atlantic confirms 2019 drilling program offshore Guyana

12/6/2018

LONDON -- The Partners on the Orinduik Block, being Eco Atlantic, Total and Tullow (Operator), approved the initial 2019 work plan and budget for the first exploration well on the Orinduik Block on Nov. 30, 2018. The initial budget is for drilling the ‘Jethro-Lobe’ prospect to be spud by the end of May-early June 2019. This will be the first well out of at least two well campaigns proposed by the Operator in 2019.

The Partners have approved the purchase of the necessary long lead items and are currently considering the proposals offered by drilling and service contractors who have offered a firm drilling window within the Partners’ envisaged timeframe and competitive rates. Eco estimates that the approximate net cost to Eco of the first well, targeting the Jethro Lobe prospect, at up to $7.6 million. Eco is fully funded for the 2019 campaign having current cash of over $20 million, as announced on Nov. 29, 2018.

The Jethro-Lobe prospect, which will be drilled from a conventional drillship, is an Upper Cretaceous stratigraphically trapped canyon turbidite in approximately 1,350 m of water.

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