Eco gives update on 3D seismic processing in Guyana

ONTARIO -- Eco Atlantic released an update on the processing and interpretation of recently acquired 2,550 sq km of 3D seismic on the company’s Orinduik Block, offshore Guyana. Eco’s partner and block operator Tullow Oil, contracted PGS Geophysical to process the data acquired for the partnership by Western Geophysical.

Eco has received the latest set of deliverables in relation to the 3D seismic survey including PSTM angle stacks and associated Inversion products that better define the geological lithology of the play, provide a better imaging of the sands, and allow the interpreters to more closely define target fluids.

Tullow and Eco have begun their review and interpretation of this latest data set, which has also been copied and forwarded to Total E&P. This is in addition to other previously received sets of filtered PreSTM fast track and data sets from Tullow, which in turn, have also already been received by Total for their review, in accordance with its 25% farm-in option agreement and to help expedite the process.

Delivery of the final seismic data report to Total pursuant to the farm-out option agreement, announced in September 2017, will be delivered once completed and the final product has been delivered from PGS.

Eco has been encouraged by the quality of data received and interpretations, which have firmed up the previously outlined targets as well as identifying new potentially sizeable structures.

The data is also being interpreted in parallel by consultant Gustavson Associates to produce an independent report in accordance with AIM and TSX guidelines. Tullow has advised that intermediate Kirchhoff PreSDM from PGS is anticipated to be completed the last week of May, which in turn will enable the report to be concluded and published.

Colin Kinley, COO, Eco Atlantic, commented, “The company has the benefit of a significant 2D data set that ties into areas of the recent Exxon Mobil discoveries offshore Guyana, which are now estimated to exceed 3.2 billion bbl. This data ties back into our recently acquired 3D seismic allowing us to better track the age and quality of sands and mechanisms that create the hydrocarbon traps.”

“We interpret the charge from the source rock migrating up-dip and being trapped at various locations on the foreslope, which is supported with each Exxon discovery down-dip of us. This is giving us a better understanding of the features that allow those same hydrocarbons to feed up into the channel and fan systems on our block. Results have led the company to draw initial interpretations of the thickness and quality of sands which appear to be very promising across the Orinduik Block.”

“Given these results, the need for expanded interpretation is taken longer than originally envisaged. The existence of multiple exploration targets on the block will be significant, not only in the resource numbers, but also in the economics of this shallow water play."