Total to acquire a 25% working interest in the Orinduik Block, offshore Guyana


LONDON -- Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in Namibia and Guyana, is delighted to announce that Total E&P Activités Pétrolières, a wholly owned subsidiary of Total Petroleum SA (Total), has exercised its option to acquire a 25% working interest in the Orinduik Block, offshore Guyana, from Eco Atlantic (Guyana) Inc., a wholly owned subsidiary of the Company. The option exercise was received by Eco before delivery of the final 3D seismic data due to be delivered to Total, which would have triggered a 120-day exercise window for the option.

Following the option exercise and subject to the receipt of all requisite regulatory approvals, including that of the Government of Guyana, for the transfer of the 25% Working Interest to Total, the working interests in the Orinduik Block will be as follows:

Tullow - 60% (Operator)

Total - 25%

Eco Guyana - 15%

In accordance with the terms of the option, Total will pay the option exercise fee of $12.5 million to the company on receipt of all requisite approvals for the transfer of the 25% Working Interest. It is anticipated that the Option Exercise Payment will provide adequate funding to meet Eco's share of the costs to drill at least two wells on the Orinduik Block, as well as recover the costs of the now completed expanded 3D seismic survey.

On Sept. 11, 2018, the Company announced the completion of a technical report on the Orinduik Block, produced by Gustavson Associates LLC, which reported Gross P50 (Best Estimate) 2,913.3 MMboe and Net (40%) 1,165.3 MMboe, identified across a total of 10 Leads on the Orinduik Block.

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