StockMarketWire.com - Eco Atlantic, the oil and gas exploration company, said it would began drilling a well on the Orinduik Block, offshore Guyana, in late May or early June next year.

The 'Jethro-Lobe' prospect was expected to be spud by the end of May - early June 2019. This would be the first well out of at least two well campaigns proposed by the operator Tullow in 2019, Eco said.

The approximate net cost to Eco of the first well, targeting the Jethro Lobe prospect, was estimated at up to $7.6m, Eco added.

The partners on the Orinduik Block, Eco Atlantic, Total and operator Tullow, approved the initial 2019 work plan and budget for the first exploration well on the Orinduik Block on 30 November 2018. 'The Jethro-Lobe well is the first well approved by the Partners for 2019,' said Colin Kinley, Chief Operating Officer of Eco Atlantic. 'The Partners are currently evaluating the synergies of drilling a second well in this campaign and are assessing rig timing and budget to drill a second candidate. We have a great deal of confidence in the selection of the Jethro-Lobe drill candidate; the Partners are unanimous on the selection of the location, reservoir quality, charge and production characteristics and view this candidate as having a high chance of success and potential for a first discovery.' 'Our confidence was bolstered even further by the upgraded estimate of the discovered recoverable resource to over 5 billion barrels of oil equivalent on the Stabroek Block, as announced by ExxonMobil and Hess on 3 December 2018.' 'Further evaluation of previous discoveries in addition to the tenth discovery on the block, Pluma-1, contributed to the upgrade. Each successful well drilled on Stabroek lowers Eco's risk on Orinduik.'

At 10:01am: [LON:ECO] Eco Atlantic Oil Gas Ltd share price was -0.4p at 46.1p



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